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

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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, with a 52 week range of $28.62-$39.40.

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