Duncan Williams Downgrades Rowan Companies (RDC) to Buy, Lowers Price Target to $45 from $54
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Price: $10.93 --0%
Rating Summary:
15 Buy, 18 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
15 Buy, 18 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Duncan Williams downgraded shares of Rowan Companies (NYSE: RDC) to a Buy rating from its previous rating of Strong Buy following the announcement to sell its LeTourneau subsidiary for $1.1 billion to Joy Global (NASDAQ: JOYG).
The company expects to receive $875 million after tax and plans to redeploy the money in to its offshore segment through either expansion of its high-spec jackup fleet or entry into the ultra-deepwater market.
As a result of the company selling LeTourneau, the firm is lowering its 2011 and 2012 EPS estimates from $2.30 and $3.60 to $1.90 and $3.00. Duncan Williams also lowered its price target on the company from $54 to $45.
For more ratings news on Rowan Companies click here and for the rating history of Rowan Companies click here.
Shares of Rowan Companies closed at $38.04 yesterday.
The company expects to receive $875 million after tax and plans to redeploy the money in to its offshore segment through either expansion of its high-spec jackup fleet or entry into the ultra-deepwater market.
As a result of the company selling LeTourneau, the firm is lowering its 2011 and 2012 EPS estimates from $2.30 and $3.60 to $1.90 and $3.00. Duncan Williams also lowered its price target on the company from $54 to $45.
For more ratings news on Rowan Companies click here and for the rating history of Rowan Companies click here.
Shares of Rowan Companies closed at $38.04 yesterday.
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