Rowan (NYSE:RDC) was upgraded from Underweight to Neutral at JP Morgan today. The stock closed yesterday at $33.79 on volume of 1.4 million shares, below average daily volume of 1.4 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.

There is potential upside of 11.6% for shares of Rowan based on a current price of $33.79 and an average consensus analyst price target of $37.72. The stock should find initial support at its 200-day moving average (MA) of $33.12 and further support at its 50-day MA of $32.09.

In the past 52 weeks, Rowan share prices have been bracketed by a low of $28.62 and a high of $39.40 and closed yesterday at $33.79, 18% above that low price. The 200-day and 50-day moving averages have moved 0.11% lower and 0.09% lower over the past week, respectively.

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.