Upgrade Alert for Rowan (RDC)
Rowan (NYSE:RDC) was upgraded from Neutral to Strong Buy at ISI Group today. The stock closed yesterday at $35.96 on volume of 2.1 million shares, above average daily volume of 1.0 million.
Over the past year, Rowan has traded in a range of $30.05 to $39.40 and closed yesterday at $35.96, 20% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.
Potential upside of 10.5% exists for Rowan, based on a current level of $35.96 and analysts' average consensus price target of $39.72. The stock should discover initial support at its 50-day moving average (MA) of $34.57 and subsequent support at its 200-day MA of $33.77.
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 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