UPDATE: Citi Raises Price Target on Rowan Companies to $37

According to Citi, Rowan Companies

price target is raised to $37. Citi said that RDC shares traded down by 5.9% yesterday following its decision to re-domicile to the U.K. and thus relinquish its place in the S&P 500 (17.5% of RDC holders are index investors). “We have raised our target price on Rowan from $35 to $37 to reflect our increasing confidence in its long-term growth prospects. We recommend ESV, NE, and RIG as less expensive offshore drillers with greater deepwater exposure.” Rowan Companies closed yesterday at $36.24.