J.P. Morgan Initiates Coverage On Rowan With An Overweight Rating

J.P. Morgan announced today that it is initiating coverage on Rowan Companies, Inc. RDC, noting that its Overweight rating “is based on a simple premise.” “We believe the company's asset mix is better positioned for the current environment than those of any of the other Offshore Drillers in our coverage universe,” J.P. Morgan writes. “Rowan has the most leverage to high-specification jackup rigs, a market with considerable demand and very limited supply to support dayrates in this class of rig over the next 12-24 months.” Rowan currently trades at $31.06.