Imperial Capital Reiterates In-Line, Lowers PT On McDermott International On 4Q14 Review

In a report published Wednesday, Imperial Capital analyst Scott Levine reiterated an In-Line rating on

, but lowered the price target from $5.00 to $4.00. In the report, Imperial Capital noted, "We are maintaining our In-Line rating on MDR shares, and are lowering our one-year price target to $4 from $5. Our price target is 17% above the recent share price. MDR stands to benefit from long-term growth in demand for offshore oil & gas construction services, given its strong assets and diverse geographic footprint. Although we view the company's recent steps to improve operating performance and liquidity positively, we await further evidence of sustainable improvement in order rates and/or profitability levels before becoming more positive." McDermott International closed on Tuesday at $3.33.