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Rowan Companies target raised to $40 from $34 at RBC Capital

RBC Capital increased its target on Rowan as the firm believes that a new, higher than expected drillship contract signed by the company, expected to take effect in 2014, has increased its cash flow visibility. However, the firm notes that the company sees incremental downtime for a few of its ships over the next year, and it maintains a Sector Perform rating on the shares.