UPDATE: Wunderlich Initiates Coverage on Rowan Companies on Attractive Valuation Levels

In a report published Wednesday, Wunderlich Securities analyst Todd P. Scholl initiated coverage on Rowan Companies PLC (NYSE RDC) with a Buy rating and $51.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Rowan Companies plc (RDC) with a Buy rating and a price target of $51, which represents a 6.2x 2015 EV/EBITDA multiple. Over the past several years, Rowan has done an excellent job transforming itself from a US GOM-centric jack-up drilling company with manufacturing and offshore drilling operations to a pure play international offshore drilling company operating in both deep and shallow waters. We believe at current valuation levels, shares of Rowan are attractive given the strength of the high specification jackup market where Rowan is the largest operator.” Rowan Companies PLC closed on Tuesday at $35.38.