Rowan "overweight," target price raised - update

05/21/08 - Lehman Brothers

NEW YORK, May 21 (newratings.com) - Analyst James C West of Lehman Brothers maintains his "overweight" rating on Rowan Companies Inc (RDC). The target price has been raised from $47 to $53.

In a research note published yesterday, the analyst mentions that a solid recovery in the North American natural gas drilling sector is likely in 2008 and 2009. Rowan is expected to generate significant international growth over the forthcoming few years, the analyst says.