Bear of the Day: McDermott International (MDR) - Bear of the Day
17 Dezember 2012 - 1:00AM
Zacks
Given its erratic earnings trend over the last few quarters and a
disappointing outlook for 2013, we are downgrading
McDermott
International (MDR) shares to Underperform from Neutral. Though
the energy-focused engineering and construction firm beat revenue
estimates in the most recent quarter, it had to deal with steeper
operating costs.
McDermott has already hinted that its top line will suffer next
year due to uncertainty regarding the timing of big awards.
Near-term bookings also remain lumpy, as the current uncertain
environment has hurt the economics of building new oil and gas
infrastructure.
Additionally, the transfer of the power generation and
government operations has left McDermott with a less diversified
business, thereby heightening its risk profile. Our $9.75 price
objective reflects 2013 P/E multiple of 11.1x.
MCDERMOTT INTL (MDR): Free Stock Analysis Report
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