Duncan-Williams Has Buy On Rowan Companies

Duncan-Williams Inc is out with a research report on Rowan Companies, Inc. RDC and it has a Buy rating and a $43.50 price target on shares. In a note to clients, Duncan-Williams Inc writes, "Rowan's fleet status included new contracts at good rates, however the downtime lowered our 2011 earnings estimate. The company is presently building two drillships for delivery in 2013 and 2014. Soon the company hopes to complete its sale of the land rig division, which was announced this month. We maintain our BUY rating and target of $43.50, which is based on 15 times our 2012 earnings estimate of $2.90 per share. Our earnings estimates exclude the land rig division." Shares of RDC gained 97 cents yesterday to close at $39.70, a gain of 2.5%.