Fluor (NYSE:FLR) Dropped from "Top Pick" List of FBR

Since FBR Capital had placed Fluor (NYSE:FLR) on their "Top Pick" list, the company has enjoyed a surge of 44 percent, prompting FBR to remove them from the list, saying that performance isn't sustainable.

FBR says, "Removing Fluor from the FBR Top Picks list, but raising price target and reiterating rating. The shares of Fluor have appreciated 44% since we placed them on the FBR Top Picks list, versus the S&P 500, which appreciated only 12%. Although we continue to believe investors will be significantly rewarded going forward, outsized outperformance is unlikely, partly due to recent multiple expansion. We are raising our price target to $84, or 10x estimated 2011 EV/EBITDA, and in line with its 10-year historical average multiple."

FBR Capital maintains an "Outperform" rating on Fluor, which closed Tuesday at $68.34, gaining $2.33, or 3.53 percent. FBR boosted their price target on the company to $84.