GS downgraded TP=$3.31, page-3

Morgan Stanley puts an "overweight" rating on WorleyParsons. "WOR continues to take proactive steps to both right-size its business for current tough market conditions and to differentiate its service offering to deliver greater value to its client base. In the short term, these measures are not expected to be enough to prevent a material decline in earnings which will be largely dictated by broader hydrocarbons capex. They will, however, in our view, add a degree of resilience to margins and better place the business to leverage even modest improvements in market conditions - currently forecast in FY17