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MDR

McDermott

$2.74

1.16 (73.42%)

11:35
09/20/19
09/20
11:35
09/20/19
11:35

McDermott's plans to sell Lummus 'a last resort,' says Credit Suisse

Credit Suisse analyst Jamie Cook says McDermott's announcement that it will explore selling its Lummus technology business was considered "a last resort," but was "unfortunately needed" to improve the balance sheet. Cook, who maintains a Neutral rating and $7.00 price target, says she believes McDermott would prefer to retain some ownership in order to retain rights to be the first bidder on the EPC business if possible. She feels a transaction could occur "quickly," given the asset was already on the market recently and says she believes the stock should rally on this news given the dramatic sell off this week and that management is not considering chapter 11.

  • 23

    Sep

MDR McDermott
$2.74

1.16 (73.42%)

10/31/18
KEYB
10/31/18
DOWNGRADE
KEYB
Sector Weight
McDermott downgraded to Sector Weight from Overweight at KeyBanc
09/11/19
SBSH
09/11/19
NO CHANGE
Target $7
SBSH
Neutral
McDermott price target lowered to $7 from $11 at Citi
Citi analyst Andrew Kaplowitz lowered his price target for McDermott to $7 from $11 while keeping a Neutral rating on the shares. While the analyst sees "some light at the end of the tunnel" for the company on its two "troublesome" liquefied natural gas projects and believes the negative estimate revisions for CBI Legacy work may be behind the company, he says he can't rule out "further project-related noise." Further, McDermott's balance sheet is still relatively levered and some uncertainty regarding the timing of asset sales remains, Kaplowitz tells investors in a research note.
09/19/19
SBSH
09/19/19
NO CHANGE
Target $7
SBSH
Neutral
Citi sees working capital unwind as 'legitimate risk' for McDermott
Shares of McDermott dropped 63% yesterday following news that the company hired turnaround firm AlixPartners for "strategic and operational advice." Low liquidity, high leverage, and lingering headwinds associated with legacy CB&I-related projects pose elevated risk for the company, Citi analyst Andrew Kaplowitz tells investors in a research note. The analyst admits that he does not know what's causing McDermott to turn to AlixPartners. He sees a "wide range of possibilities with little visibility to near-term outcomes," which leads to his continued Neutral rating on the shares. McDermott has a "considerable amount of good assets" that are saleable and customers have an incentive to see the company succeed, says Kaplowitz. However, a working capital unwind is now a "legitimate risk" and it may be harder for McDermott to win work at this point, adds the analyst.

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SERV

ServiceMaster

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-7.07 (-12.61%)

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ATNX

Athenex

$10.05

0.46 (4.80%)

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HHC

Howard Hughes

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HOG

Harley-Davidson

$39.65

2.515 (6.77%)

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  • 22

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ARCH

Arch Coal

$84.99

6.01 (7.61%)

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  • 22

    Oct

SGMS

Scientific Games

$23.41

0.665 (2.92%)

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CISN

Cision

$9.98

1.53 (18.11%)

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  • 19

    Nov

ATNX

Athenex

$10.04

0.45 (4.69%)

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BIIB

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, BMY

Bristol-Myers

$56.73

3.55 (6.68%)

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CNC

Centene

$46.72

0.89 (1.94%)

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TRIL

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ABG

Asbury Automotive

$96.00

-10 (-9.43%)

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SERV

ServiceMaster

$50.58

-5.49 (-9.79%)

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