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Upgrade Alert for Rowan (RDC)

By David Diaz

Rowan (NYSE:RDC) was upgraded from Neutral to Buy at Guggenheim today. The stock closed yesterday at $20.05 on volume of 1.2 million shares, below average daily volume of 3.1 million.

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.

Rowan share prices have moved between a 52-week high of $25.13 and a 52-week low of $14.63 and closed yesterday at 37% above that low price at $20.05 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.0%.

Rowan (NYSE:RDC) has potential upside of 7.4% based on a current price of $20.05 and analysts' consensus price target of $21.54. The stock should discover initial support at its 200-day moving average (MA) of $19.52 and subsequent support at its 50-day MA of $19.06.

SmarTrend recommended that subscribers consider buying shares of Rowan on August 31st, 2015 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.62. Since that recommendation, shares of Rowan have risen 13.8%. 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