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Rowan Companies (RDC) PT Cut To $44 By Deutsche Bank, 'Buy' Maintained

 March 07, 2012 09:59 AM

Deutsche Bank (DB) lowered its price target on shares of Rowan Companies Inc. (NYSE:RDC) to $44 from $50, while maintaining its "Buy" rating.

Along with earnings release, RDC announced plans to redomicile in the United Kingdom. Although this was not altogether unexpected and despite longer-term benefits to the re-domestication, the ADS share structure (which likely precludes RDC from being included in the S&P 500 index) is likely to pressure the stock near-term, the brokerage noted.

Given strengthening fundamentals in the global jackup market and RDC's foray into the deepwater business, RDC is well positioned for further growth and DB continues to rate it a "Buy".

Rowan is a provider of international and domestic contract drilling services. The company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries.

RDC is trading down 0.09% at $34.83 on Wednesday.

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