Imperial Capital Cuts Price Target on McDermott Int'l (MDR) Following 2Q15

Imperial Capital maintained an Outperform rating on McDermott (NYSE: MDR), and cut the price target to $5.50 (from $6.00), following its 2Q15 earnings report. MDR reported adjusted EPS of $0.12, well above consensus of -$0.05. Revenue totaled $1,047mn beating $830.3mn.

Analyst Scott Levine commented, "We are maintaining our Outperform rating on MDR shares and are lowering our one-year price target to $5.50. Our price target is 28% above the recent share price. We think MDR will benefit from growing demand for offshore oil & gas construction services, given its strong asset base and attractive
geographic footprint. Contract performance has been improving, order intake is starting to increase, and liquidity appears sufficient to supports MDR’s turnaround strategy."

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 $4.31 yesterday.

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