UPDATE: Deutsche Bank Reduces PT to $42, Reiterates Buy on Rowan Companies; One-Off Events Behind

Deutsche Bank lowers its price target from $44 to $42 on Rowan Companies

as it reaffirms a Buy rating on shares as the company navigates away from one-time items. Deutsche Bank says, "After suffering from several moving parts including downtime/ rig mobilizations, one-off costs and the ongoing re-domestication to the UK, RDC is beginning to see a favorable endgame materialize. We now have greater visibility on the timing of contract start-ups and transitory costs should begin to ebb in 2H. Finally, the shift to a ""Class A"" share structure should preclude RDC's removal from the S&P 500. The ongoing tightening in the premium jackup market provides near-term strength with long-term growth from RDC's deepwater newbuilds. We therefore continue to rate RDC a BUY." RDC closed at $31.73 on Friday.