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Upgrade Alert for Rowan (RDC)

By Nick Russo

Rowan (NYSE:RDC) was upgraded from Accumulate to Buy at Johnson Rice today. The stock closed yesterday at $18.05 on volume of 2.4 million shares, below average daily volume of 4.0 million.

Rowan (NYSE:RDC) has potential upside of 16.9% based on a current price of $18.05 and analysts' consensus price target of $21.10. The stock should discover initial support at its 200-day moving average (MA) of $16.70 and subsequent support at its 50-day MA of $16.27.

In the past 52 weeks, shares of Rowan have traded between a low of $10.67 and a high of $24.31 and closed yesterday at $18.05, which is 69% above that low price. The 200-day and 50-day moving averages have moved 0.03% higher and 3.11% higher over the past week, respectively.

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.

SmarTrend recommended that subscribers consider buying shares of Rowan on February 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.45. Since that recommendation, shares of Rowan have risen 34.1%. We continue to monitor RDC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades rowan

Ticker(s): RDC