Citi Maintains Buy on McDermott International

Citi Investment Research is out with a research report on McDermott International Inc (NYSE: MDR) and it has a Buy rating and a $22.50 price target on shares.

In a note to clients, Citi Investment Research writes, "MDR generated a total return of 19.9% this week, which compares to an 8.1% gain by our E&C coverage universe (i.e. ex-MDR), and 3.0% by the S&P 500. While favorable developments regarding the European Sovereign debt crisis and encouraging data points for the U.S economy contributed to the strong performance, we believe the main driver of the upside was speculation that a takeover announcement was imminent."

Shares of MDR lost 45 cents yesterday to close at $12.90.