Citi has published a report on McDermott International MDR lowering the price target by $4.50.
In the report, Citi wrote, "On 08/04/11, the shares of MDR tumbled ~27% while the peer group (i.e. ex-MDR) fell 9% and the S&P 500 declined 5%. In our opinion, fears about the health of the global economy have led to
an acute aversion to risk causing investors to flee the E&C sector. That said, we believe the action in MDR shares was materially stronger than what we would have expected given the 2Q11 result and the near- to medium-term outlook for the company."
Citi rated McDermott International a Speculative BUY with a price target reduced from $33.50 to $29.00. Mcdermott closed Thursday at $13.95.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: Analyst ColorPrice TargetAnalyst RatingsCitiIndustrial ConglomeratesIndustrialsMcdermott International Inc
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in