Deutsche Bank Downgrades Rowan Companies (RDC) to Hold, See Dayrates Flattening

November 28, 2012 7:08 AM EST
Get Alerts RDC Hot Sheet
Price: $19.16 -1.08%

Rating Summary:
    17 Buy, 21 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
Trade RDC Now!
Join SI Premium – FREE
Deutsche Bank downgraded Rowan Companies (NYSE: RDC) from Buy to Hold with a price target of $32.00 (from $37.00).

The firm comments, "We are adjusting our RDC estimates to reflect the most recent fleet status as well as our updated cost assumptions. Our 2012 estimate remains unchanged at $1.92. Our 2013 and 2014 estimates go to $2.53 and $4.25 from $2.60 and $4.40, respectively. Although offshore demand remains strong and RDC enjoys one of the highest quality fleets in the industry, we see dayrates flattening even as costs rise which takes our rating to HOLD from BUY."

For an analyst ratings summary and ratings history on Rowan Companies click here. For more ratings news on Rowan Companies click here.

Shares of Rowan Companies closed at $30.97 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst EPS Change, Analyst PT Change, Downgrades

Related Entities

Deutsche Bank

Add Your Comment