UPDATE: Goldman Sachs Lowers McDermott International's PT
According to a research report published this morning, Goldman Sachs has lowered McDermott International's (NYSE: MDR) PT from $15 to $14.
Goldman Sachs said in the report, "This was a strong result for MDR a step in the right direction, given the strong execution, solid awards, and robust prospects. For the quarter, we were particularly impressed by the execution, which drove operating margins of 11.5%, above the guidance range of 7%-10%. In addition, management highlighted $4.8bn in bids outstanding on top of record backlog of $5.8bn. We believe that MDR could continue to see backlog growth throughout 2012 given the significant pipeline of opportunities."
Goldman Sachs maintains its Neutral rating on McDermott International, which is currently trading at $11.06.
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