Rowan (Hold, TP: USD15.00) - Deepwater headache
While shorter cycle (jack-up) exposure and a decent liquidity runway are positive, we expect market concerns about the company’s lack of deepwater backlog and 2019e earnings cliff to grow. As the stock is trading close to our NAV, we have downgraded from BUY to HOLD but we maintain our USD15 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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