UPDATE: Jefferies Upgrades Rowan Companies to Buy, Raises PT on Less Fettered Growth

In a report published Friday, Jefferies analyst Brad Handler upgraded the rating on Rowan Companies 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. Upgrade to Buy.” Rowan Companies closed on Thursday at $32.74.