UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Rowan Companies

In a report published Monday, Deutsche Bank reiterated its Buy rating on Rowan Companies

, but lowered its price target from $40.00 to $37.00. Deutsche Bank noted, “Rowan's high spec jackup fleet and its recent diversification into deepwater provide a unique growth opportunity. With three of the four newbuild deepwater rigs uncontracted as of yet there is significant leverage to this still improving segment. RDC is clearly still leveraged to the high spec jackup market which continues to improve as well. With lower downtime and transitory costs expected in 2013 and potential catalysts as RDC's remaining newbuilds are contracted, we continue to rate RDC a BUY.” Rowan Companies closed on Friday at $31.48.