UPDATE: Imperial Capital Initiates Coverage on McDermott International with In-Line rAting, $5 PT on Early Turnaround Progress

In a report published Friday, Imperial Capital analyst Scott Levine initiated coverage on

with an In-Line rating and $5.00 price target. In the report, Imperial Capital noted, “We are initiating coverage of MDR shares with an In-Line rating and a one-year price target of $5, about 13% above the recent share price. MDR stands to benefit from continued strength in global offshore oil E&P activity, given its strong assets and diverse geographic footprint. While we view recent steps to improve operational performance and liquidity positively, we await further evidence of sustainable improvement in order rates and/or profitability before becoming more positive.” McDermott International closed on Thursday at $4.44.