UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Rowan Companies on Earnings Growth Potential

In a report published Friday, Jefferies reiterated its Hold rating on Rowan Companies RDC, and raised its price target from $36.00 to $38.00. Jefferies noted, “We see big earnings growth to come, but still think Consensus is too high (we are >10% below on 2014E). Further, RDC has more limited rig availability in '13 vs. peers, and although it has come far in asset repositioning, some risk remains. We allow for (some) more upside, and note that further confidence that execution is indeed improving plus clarity on potential rig mobes/options could push upside higher.” Rowan Companies closed on Thursday at $34.24.