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Upgrade Alert for Rowan (RDC)

By James Quinn

Rowan (NYSE:RDC) was upgraded from Underperform to Market Perform at BMO Capital today. The stock closed yesterday at $31.41 on volume of 1.3 million shares, below average daily volume of 2.0 million.

Over the past year, Rowan has traded in a range of $29.50 to $38.65 and closed yesterday at $31.39, 6% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.3%.

Rowan Companies, Inc. provides international and domestic contract drilling services. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries.

There is potential upside of 15.4% for shares of Rowan based on a current price of $31.39 and an average consensus analyst price target of $36.23. The stock should find resistance at its 200-day moving average (MA) of $33.23, as well as support at its 50-day MA of $31.39.

SmarTrend is monitoring the recent change of momentum in Rowan. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Rowan in search of a potential trend change.

Keywords: analyst upgrades/downgrades rowan

Ticker(s): RDC