UBS Maintains a 'Buy' on Rowan Companies (RDC); Lowering Estimates & PT
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Price: $10.93 --0%
Rating Summary:
15 Buy, 18 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
Rating Summary:
15 Buy, 18 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
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UBS maintains a 'Buy' on Rowan Companies (NYSE: RDC) price target lowered from $45 to $41.
UBS analyst says, "Overall, we view the high spec jackup market as solid with strong utilization and dayrates. However, given that 37 jackups are to be delivered in 2013, of which 31 are uncontracted, it will be a market we will be watching for any signs of softness. The company is also building an ultra deepwater presence with three rigs under construction (all are uncontracted). Additionally, over time the company may seek to build additional ultra deepwater rigs."
UBS lowers FY12 EPS estimate from $2.62 to $2.42 and FY13 from $3.84 to $3.50.
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 $36.24 yesterday.
UBS analyst says, "Overall, we view the high spec jackup market as solid with strong utilization and dayrates. However, given that 37 jackups are to be delivered in 2013, of which 31 are uncontracted, it will be a market we will be watching for any signs of softness. The company is also building an ultra deepwater presence with three rigs under construction (all are uncontracted). Additionally, over time the company may seek to build additional ultra deepwater rigs."
UBS lowers FY12 EPS estimate from $2.62 to $2.42 and FY13 from $3.84 to $3.50.
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 $36.24 yesterday.
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