Imperial Capital Reiterates Outperform on McDermott Int'l (MDR)
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Imperial Capital reiterated an Outperform rating and $7.00 price target on McDermott Int'l (NYSE: MDR). Commodity trends have recently been somewhat encouraging, which could ultimately have positive implications if they continue.
Analyst Scott Levine commented, "We are maintaining our Outperform rating on MDR shares and our one-year price target of $7, which is 46% above the recent share price. We expect MDR to benefit from growing demand for offshore oil & gas construction services, given its strong asset base and diversified geographic footprint. Contract performance has recently been strong, order intake remains healthy despite weak commodity prices, and liquidity appears sufficient to support MDR’s growth strategy."
Shares of McDermott closed at $4.80 yesterday.
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