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

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In a report published Monday, Deutsche Bank reiterated its Buy rating on Rowan Companies (NYSE: RDC), 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.

Latest Ratings for RDC

DateFirmActionFromTo
Jan 2015RBC CapitalDowngradesOutperformSector Perform
Jan 2015ZephirinUpgradesSell
Nov 2014Bank of AmericaMaintainsUnderperform

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Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings

 

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