UPDATE: Citi Lowers PT on Mcdermott International from $33.50 to $29.00

Citi has published a report on McDermott International

lowering the price target by $4.50. In the report, Citi wrote, "On 08/04/11, the shares of MDR tumbled ~27% while the peer group (i.e. ex-MDR) fell 9% and the S&P 500 declined 5%. In our opinion, fears about the health of the global economy have led to an acute aversion to risk causing investors to flee the E&C sector. That said, we believe the action in MDR shares was materially stronger than what we would have expected given the 2Q11 result and the near- to medium-term outlook for the company." Citi rated McDermott International a Speculative BUY with a price target reduced from $33.50 to $29.00. Mcdermott closed Thursday at $13.95.