The firm raised its price target to $6 from $4.25, implying 14% upside.

The stock rose on Friday after analysts largely looked past the company’s guidance, suggesting that had to do with cable customer timing issues that would pan out.

The stock is down 40.7% over the past six months but has risen 26.8% in the past month.

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McDermott (NYSE:MDR) open down -6.3 after reporting a surprise Q4 loss that came in far short of analyst estimates while revenues nearly tripled but still missed expectations.

MDR says Q4 results were hurt by several significant non-recurring charges, including a $2.2B goodwill impairment charge, as well as a change in estimate on the Calpine gas turbine project, the previously announced change in estimate on the Cameron LNG project, and an unfavorable change in estimate related to the claim associated with damages sustained from Hurricane Harvey on the Freeport LNG project.

MDR says year-end 2018 backlog was $10.9B and early Q1 2019 awards totaled $5.5B.

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For 2019, MDR forecasts adjusted EPS of $1.65-$1.75, above the $1.47 analyst consensus estimate, and revenue of $9.5B-$10.5B, in line with expectations of $9.76B.

The company expects Q1 will be the softest quarter of the year and that operating performance in H2 likely will be stronger than H1, reflecting the execution of newly booked backlog, cost synergies and an anticipated reduction in the negative cash flow associated with its three focus projects.