POSCO (PKX) (FWLT) (MDR) (FIO) (MWV) (EAT) Downgraded

POSCO (NYSE: PKX), Foster Wheeler Ltd. (NASDAQ: FWLT), McDermott International (NYSE: MDR), Fusion-Io Inc. (NYSE: FIO), MeadWestvaco Corp. (NYSE: MWV) and Brinker International, Inc. (NYSE: EAT) were downgraded by analysts.

POSCO (NYSE: PKX) was downgraded by Standpoint Research from a “Buy” rating to a “Hold” rating.

Foster Wheeler Ltd. (FWLT) was downgraded by Standpoint Research from a “Buy” rating to a “Hold” rating.

McDermott International (MDR) was downgraded by Pritchard from a “Buy” rating to a “Neutral” rating.

Fusion-Io Inc. (FIO) was downgraded by Stifel Nicolaus from a “Buy” rating to a “Hold” rating.

MeadWestvaco Corp. (MWV) was downgraded by BMO Capital Markets from an “Outperform” rating to an “Underperform” rating.

Brinker International, Inc. (EAT) was downgraded by Sterne Agee from a “Neutral” rating to an “Underperform” rating. They have a price target of $20.00 on the company.

CBS (CBS) (EMR) (FWLT) (MPWR) (PCS) (WFR) Price Targets Changed

CBS (NYSE: CBS), Emerson Electric Co. (NYSE: EMR), Foster Wheeler Ltd. (NASDAQ: FWLT), Monolithic Power Systems Inc (NASDAQ: MPWR), MetroPCS (NYSE: PCS) and MEMC Electronic Materials Inc (NYSE: WFR) had their price targets adjusted by analysts.

CBS (CBS) had its price target raised by The Benchmark Company from $30.00 to $33.00. They have a “Buy” rating on the company.

Emerson Electric Co. (EMR) had its price target lowered by FBR Capital from $60.00 to $57.00. They have a “Market Perform” rating on the company.

Foster Wheeler Ltd. (FWLT) had its price target lowered by UBS AG (NYSE:UBS) from $40.00 to $37.00. They have a “Buy” rating on the company.

Monolithic Power Systems Inc. (MPWR) had its price target lowered by Needham & Company from $20.00 to $19.00. They have a “Buy” rating on the company.

MetroPCS (PCS) had its price target lowered by UBS AG from $23.00 to $15.00. They have a “Buy” rating on the company.

MEMC Electronic Materials Inc. (WFR) had its price target lowered by Citigroup (NYSE:C) to $15.00. They have a “Buy” rating on the company.

Price Targets on (EXLS) (FWLT) (IPGP) (LVS) (MCK) Updated by Analysts

Analysts updated the price targets on ExlService Holdings, Inc. (NASDAQ: EXLS), Foster Wheeler Ltd. (NASDAQ: FWLT), IPG Photonics Co. (NASDAQ: IPGP), Las Vegas Sands Corp. (NYSE: LVS) and McKesson Co. (NYSE: MCK).

Deutsche Bank (NYSE:DB) raised their price target on ExlService Holdings, Inc. (EXLS) from $24.00 to $29.00. They have a “buy” rating on the company.

Barclays Capital cut their price target on Foster Wheeler Ltd. (FWLT) from $45.00 to $42.00. They have an “overweight” rating on the company.

Barclays Capital raised their price target on IPG Photonics Co. (IPGP) from $60.00 to $65.00. They have an “equal weight” rating on the company.

Barclays Capital cut their price target on Las Vegas Sands Corp. (LVS) from $52.00 to $50.00. They have an “overweight” rating on the company.

Deutsche Bank raised their price target on McKesson Co. (MCK) from $101.00 to $108.00. They have a “buy” rating on the company.

Price Targets On (FWLT) (GLUU) (HAIN) (HRS) (IPGP) Updated by Analysts

Analysts have updated their price targets on Foster Wheeler Ltd. (NASDAQ: FWLT), Glu Mobile Inc. (NASDAQ: GLUU), The Hain Celestial Group, Inc. (NASDAQ: HAIN), Harris (NYSE: HRS) and IPG Photonics Co. (NASDAQ: IPGP).

Stifel Nicolaus cut their price target on Foster Wheeler Ltd. (FWLT) from $48.00 to $44.00. They have a “buy” rating on the company.

Northland Securities raised their price target on Glu Mobile Inc. (GLUU) from $5.25 to $6.00. They have an “outperform” rating on the company.

UBS AG (NYSE:UBS) raised their price target on The Hain Celestial Group, Inc. (HAIN) to $34.00. They have a “neutral” rating on the company.

The Benchmark Company raised their price target on Harris (HRS) from $56.00 to $63.00. They have a “buy” rating on the company.

Dougherty & Co. raised their price target on IPG Photonics Co. (IPGP) to $80.00.

Price Targets On (EMR) (FEIC) (FSLR) (FWLT) (GET) Updated by Analysts

Analysts have updated their price targets on Emerson Electric Co. (NYSE: EMR), FEI (NASDAQ: FEIC), First Solar, Inc. (NASDAQ: FSLR), Foster Wheeler Ltd. (NASDAQ: FWLT) and Gaylord Entertainment (NYSE: GET).

Oppenheimer cut their price target on Emerson Electric Co. (EMR) from $74.00 to $71.00.

McAdams Wright Ragen raised their price target on FEI (FEIC) from $36.00 to $40.00. They have a “buy” rating on the company.

Brean Murray cut their price target on First Solar, Inc. (FSLR) from $181.00 to $170.00. They have a “buy” rating on the company.

UBS AG (NYSE:UBS) cut their price target on Foster Wheeler Ltd. (FWLT) to $40.00. They have a “buy” rating on the company. They lowered their EPS estimates citing lower bookings as the catalyst.

FBR Capital cut their price target on Gaylord Entertain (GET) from $44.00 to $42.00. They have an “outperform” rating on the company.

Earnings at Fluor (NYSE:FLR), Foster Wheeler (Nasdaq:FWLT), Jacobs Engineering (NYSE:JEC), SNC-Lavalin Reach Inflection Point Says Canaccord

In the engineering, procurement, and construction universe covered by Canaccord Genuity, they see earnings at Fluor (NYSE:FLR), Foster Wheeler (Nasdaq:FWLT), Jacobs Engineering (NYSE:JEC) and SNC-Lavalin as having reached an inflection point.

Canaccord says, "In our opinion, earnings and multiples have reached an inflection point for the four engineering, procurement, and construction (EPC) equities in our coverage universe: Fluor (FLR), Foster Wheeler (FWLT), Jacobs Engineering (), and SNC-Lavalin.

"Catalysts abound at SNC owing to its diversified business model and increasingly international geographic footprint. We reiterate our BUY rating on the stock and increase our target price 8% to C$70.00 as we increase our target valuation�multiple to 19x cash-adjusted 2012E E&C EPS (then add C$13/share for ICI’s and C$6/share in freehold cash). We raise our target price on Jacobs to $62.00 from $50.00 and reiterate our BUY rating. Our new target is based on 18x (from 14x) cash-adjusted CY2012E EPS + $11/share in freehold cash. We increase our Foster Wheeler target price to $43.00 from $38.00 and reiterate our BUY rating. Our new valuation multiple is 16x 2012E EPS from 14x previously (plus $7.50 in freehold cash). We reiterate our BUY rating on Fluor and increase our target price to $79.00 from $67.50. We now value Fluor using 19x cash-adjusted 2012E EPS from 16x previously (plus $8.50 in freehold cash)."

Fluor closed Friday at $71.19, gaining $1.01, or 1.44 percent. Foster Wheeler closed at $37.32, up $0.25, or 0.67 percent. Jacobs Engineering closed at $51.02, gaining $2.27, or 4.66 percent.

Fluor (NYSE:FLR), Foster Wheeler (Nasdaq:FWLT), McDermott (NYSE:MDR), CB&I (NYSE: CBI) Barclays' Favorite E&C Picks

Saying they prefer "oily" E&C picks for 2011, Barclays (NYSE:BCS) favorites in the sector are Fluor (NYSE:FLR), Foster Wheeler (Nasdaq:FWLT), McDermott (NYSE:MDR) and CB&I (NYSE:CBI).

Barclays said, "We remain bullish regarding the prospects for many of our Engineering and Construction stocks under coverage in 2011, led by continued global economic improvement, higher oil demand/pricing, and accelerated growth in oil & gas awards.

"We still like "oily" E&Cs with significant international exposure (our favorites remain Fluor (NYSE: FLR), Foster Wheeler (Nasdaq: FWLT), McDermott (NYSE: MDR), and CB&I (NYSE: CBI)) when analyzing E&C potential growth and stock price performance in 2011 and introduce target multiples on 2012 earnings that are two turns higher than our previous multiples.

"We maintain our target P/E valuation multiple of E&Cs with significant exposure to domestic power/utilities as we believe meaningful recovery in utility spending is still slated for the late 2011/2012 timeframe, including expected ramp-up in commercial nuclear and emissions control work (Shaw Group (Nasdaq:SHAW), Babcock (NYSE:BWC), MasTec (NYSE:MTZ))."

Fluor closed Friday at $65.92, gaining $0.57, or 0.87 percent. Foster Wheeler closed at $34.88, down $0.32, or 0.91 percent. McDermott closed at $20.04, gaining $0.11, or 0.55 percent. CB&I ended the session at $32.88, up $0.61, or 1.89 percent.

Fluor (NYSE:FLR), Foster Wheeler (Nasdaq:FWLT), McDermott (NYSE:MDR), KBR (NYSE:KBR) EPS Estimates Raised

Saying energy infrastructure will lead the Engineering & Construction sector in 2011, Gleacher & Co. said they're raising their earnings estimates on Fluor (NYSE:FLR), Foster Wheeler (Nasdaq:FWLT), McDermott (NYSE:MDR) and KBR (NYSE:KBR).

Gleacher stated, "In conjunction with rolling out our 2012 EPS estimates, we are increasing our price targets on Fluor to ($67 from $60), Foster Wheeler ($35 from $30), McDermott ($23 from $21) and KBR, Inc. ($33 from $30). We believe the trough in industry backlog is behind us and market conditions are favorable for energy infrastructure equity appreciation.

"In general, we maintain our view that international energy/mining infrastructure companies will drive better investor returns than domestic Federal and energy exposed companies. Gulf Island and B&W are exceptions to our thesis as we believe pure-play Gulf of Mexico fabrication and nuclear will outperform other US
end-markets."

Gleacher has a "Buy" rating on the the stocks mentioned above.

Flour closed Monday at $57.98, gaining $0.39, or 0.68 percent. Foster Wheeler ended the session at $29.11, rising by $0.33, or 1.15 percent. McDermott International closed the day at $18.17, dropping $0.22, or 1.20 percent. KBR ended at $27.68, losing $0.06, or 0.22 percent.