Williams Financial Initiates Coverage of Rowan Companies, Gives Buy Rating, $46 PT

In a report released earlier today, Williams Financial Group announced that it is initiating coverage of Rowan Companies, Inc. RDC, with a Buy rating and a price target of $46. In the report, Williams went on to say “Despite not taking delivery of its deepwater assets until 2014, RDC has a geographically well-balanced, premium quality asset base and is potentially under levered (20% debt/cap) - thus we have RDC with a premium multiple.” Rowan Companies, Inc. closed at $32.74 on Thursday.