UPDATE: Morgan Keegan Increases McDermott International PT

Morgan Keegan has published a report on McDermott International (NYSE: MDR) increasing its price target by $16.00 from $15.00 based on 12.5x its initial 2013 EPS estimate of $1.30/share.

Morgan Keegan commented, “We maintain an Outperform rating as the offshore construction fundamentals are pointing in the right direction, and we believe the stock's anemic performance following the significant earnings miss in Q3:11 offers upside.”

McDermott International closed yesterday at $11.68.