TMCnet News
Upgrade Alert for Rowan (RDC)May 16, 2012 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- Rowan (NYSE:RDC) was upgraded from Neutral to Outperform at Macquarie today. The stock closed yesterday at $30.40 on volume of 2.6 million shares, below average daily volume of 2.7 million. In the past 52 weeks, shares of Rowan have traded between a low of $28.13 and a high of $40.76 and closed yesterday at $30.40, which is 8% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.9%. 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 45.4% for shares of Rowan based on a current price of $30.40 and an average consensus analyst price target of $44.21. Rowan shares should first meet resistance at the 50-day moving average (MA) of $33.65 and find additional resistance at the 200-day MA of $33.91. 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. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup |