McDermott International initiated with "buy" - update

08/27/07 - Matrix Research

NEW YORK, August 27 (newratings.com) - Analysts at Matrix Research initiate coverage of McDermott International Inc (MDR) with a "buy" rating.

In a research note published this morning, the analysts mention that McDermott International’s profits and backlog have been increasing, and the company has ended 2Q with a backlog of $8.9 billion. While McDermott International’s EVA has more than doubled, the company’s ROC has increased substantially during the 12-month period ended June, the analysts say.