Williams Financial Group Starts Rowan Companies (RDC) at Buy; Best-in-Class Jackups

Williams Financial Group initiates coverage on Rowan Companies (NYSE: RDC) with a Buy. PT $46.00.

Analyst, Matt Beeby, said, "Given RDC’s incoming deepwater newbuild drillship fleet, we expect earnings growth to continue into 2015, suggesting RDC has solid stock price appreciation potential. Furthermore, we believe RDC shares represent a great value with the recent pullback placing the stock near its NAV, which we believe should represent a floor, particularly given the still positive outlook for long-term drilling projects and the capabilities of the RDC asset base. We would be buyers of RDC, but near-term are cautious into earnings."

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 $32.74 yesterday.

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