UPDATE: Deutsche Bank Initiates McDermott International with Hold on E&C Spending Cycle

In a report published Thursday, Deutsche Bank analyst Vishal Shah initiated coverage on McDermott International

with a Hold rating and $12.00 price target. In the report, Shah noted, “We are initiating coverage of MDR with a Hold rating and $12 price target. For details, please refer to our larger document entitled ‘Initiating Coverage on E&C - Still In The Early Stages Of The E&C Spending Cycle' published on May 8, 2013.” McDermott International closed on Wednesday at $11.03.