UPDATE: Jefferies Upgrades Rowan Companies to Buy on Less Fettered Growth
In a report published Friday, Jefferies analyst Brad Handler upgraded the rating on Rowan Companies (NYSE: RDC) from Hold to Buy, and slightly raised the price target from $38.00 to $39.00.
In the report, Handler noted, “We have been on the sidelines given operational (uptime, project execution and cost control) challenges and the risk of EPS decay. However, we see a better handle on operations and our review of possible rig projects/mobes suggests downtime risk is manageable and 2014 estimates are achievable. As such, we can refocus on peer-leading growth prospects for 2016.”
Rowan Companies closed on Thursday at $32.74.
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