MKM Partners analyst Daniel Scott kept his Buy rating and nudged his price target on KBR to $22 from $20, saying the company's recent non-deal roadshow has made him even more bullish on its prospects. Scott states that the new management is shifting its focus "from heavy concentration in downstream energy towards a more balanced approach, with government services/technology one vertical, and hydrocarbons the other vertical." The analyst further notes that the pivot completion is timely as hydrocarbons is coming out of a prolonged down cycle with higher oil prices and an increased bookings outlook.