Global Hunter Securities Starts McDermott (MDR) at Buy; Three-pronged Strategy and a Big Picture Stock

September 12, 2012 8:50 AM EDT Send to a Friend
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Price: $2.50 +2.88%

Rating Summary:
    3 Buy, 16 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 38 | New: 13
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Global Hunter Securities initiates coverage on McDermott (NYSE: MDR) with a Buy. PT $16.00.

Analyst, Jeff Spittel, said, "Vertically integrated engineering, procurement, installation and construction (EPIC) contractor MDR offers pure play leverage to the burgeoning global offshore development cycle. Building visibility in the form of bids outstanding, a robust backlog and sound underlying end-market dynamics related to robust oil prices and impressive offshore exploration successes are all encouraging aspects of the MDR story. Given the inherent volatility of large project award flow, the execution risks associated with offshore installation work and MDR's ambitions to expand its deepwater presence, the stock is not for the faint of heart. However, we believe that investors can opportunistically buy MDR shares over the next 12-24 months as the global offshore construction cycle kicks into high gear."

For an analyst ratings summary and ratings history on McDermott click here. For more ratings news on McDermott click here.

Shares of McDermott closed at $12.18 yesterday.

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