UPDATE: Citigroup Raises PT on Rowan Companies on Adjusted EPS Estimates to Reflect New Info

In a report published Friday, Citigroup analyst Robin Shoemaker reiterated a Buy rating on

, and raised the price target from $42.00 to $43.00. In the report, Citigroup noted, “We have adjusted our EPS estimates to reflect new information from today's fleet status update. These changes include incremental planned downtime for repairs, upgrades, and inspections on multiple rigs. We also assume that Rowan Juneau (250' slot, GOM) and Rowan Alaska (350' slot, GOM) are now idle through 2015. On a positive note, Rowan Gorilla III (450' Gorilla, Trinidad) and Rowan-Louisiana (350' slot, GOM) secured new contracts with day rates that were in line with or above our expectations.” Rowan Companies PLC closed on Thursday at $36.99.