Jefferies Cuts PT, Est. on Rowan (RDC) after Q3, Guidance
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Price: $10.93 --0%
Rating Summary:
15 Buy, 18 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 40 | New: 4
Rating Summary:
15 Buy, 18 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 40 | New: 4
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Jefferies lowers numbers on Hold-rated Rowan Companies (NYSE: RDC) following in-line Q3 results but surprisingly low Q3 guidance.
The firm comments, "Guidance for '13 surprised even our well below Street expectations and pushes our estimates and PT meaningfully lower still. However, although we think this 'bad news' coming out means shares should find a floor near current levels as it at least provides a baseline expectation for '13, we see limited reasons for shares to trade significantly higher given (1) shipyard execution risks still stand and (2) limited contracting catalysts."
The firm's price target goes from $40 to $36. Q4 EPS goes from $0.62 to $0.56, FY12 from $2.80 to $2.40 and FY13 from $3.65 to $3.30.
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 $31.71 yesterday.
The firm comments, "Guidance for '13 surprised even our well below Street expectations and pushes our estimates and PT meaningfully lower still. However, although we think this 'bad news' coming out means shares should find a floor near current levels as it at least provides a baseline expectation for '13, we see limited reasons for shares to trade significantly higher given (1) shipyard execution risks still stand and (2) limited contracting catalysts."
The firm's price target goes from $40 to $36. Q4 EPS goes from $0.62 to $0.56, FY12 from $2.80 to $2.40 and FY13 from $3.65 to $3.30.
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 $31.71 yesterday.
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