Dahlman Rose Comments On Rowan (RDC)

Dahlman Rose reiterated its Rowan RDC Buy rating and $50 price target following Rowan's Q1 2011 earnings report in a research report published today. In the report, Dahlman Rose states, "Rowan is currently the leading owner of high spec jackups, owning 16 rigs out of the global fleet of 31, and following the delivery of 3 newbuildings by end 2012, will control 19 high-spec jackups in a fleet that is expected to grow to 51 by the end of 2013. RDC continues to trade at a discount to our sum-of-the-parts valuation of $50, and we believe that the impending sale of the company's land rig and manufacturing businesses will illuminate the stock's value." Shares of Rowan closed today at $38.71, down $4.49% from Monday's market close. In today's after hours trading, Rowan shares were trading at $39.24 at the time of posting.