UPDATE: Global Hunter Lowers PT on Rowan Companies to $41 (RDC)

Global Hunter is out with its report today on Rowan Companies RDC, lowering its PT from $44 to $41. In a note to clients, Global Hunter writes, "Rowan is among the drillers most likely to benefit from the incremental jackup work coming in Saudi Arabia, and we believe investors have accepted that most if not all (including three idle) of the company's rigs in the Middle East will be working under term contracts by 2012 and that the uncertainty now is in the dayrates. Furthermore, the spinoff of non-core assets seems imminent, but the likelihood of near-term rig count improvement is unlikely with proceeds expected for deepwater newbuilds. We believe these near-term events are largely priced into the stock and we maintain our Neutral rating and lower our price target to $41 from $44." Shares of RDC closed Friday at $37.62, up 0.08% from Thursday's close.