UPDATE: Dahlman Rose Downgrades Rowan Companies to Hold

In a report published Monday, Dahlman Rose & Co. downgraded its rating on Rowan Companies (NYSE: RDC) from Buy to Hold.

Dahlman Rose noted, “We are downgrading RDC to Hold based on our international jackup model that indicates marketed utilization is probably peaking at 92% currently and could decrease to 88% by YE-'13. We believe jackup dayrates are likely to lose the upward momentum from 2012 and could start to see modest pressure later in 2013.”

Rowan Companies closed on Friday at $32.41.