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NEW YORK (TheStreet) -- Rowan Cos.'s (RDC) price target was lowered to $17 from $18 at Jefferies earlier today. 

The firm maintained its "buy" rating on shares of the Houston-based provider of offshore contract drilling services, saying it believes Rowan's longer-term earnings profile remains "better than average."

Amid slumping oil prices, Jefferies said the jackup oil rig market may inflect first due to a customer base that is more likely to return to drilling sooner and the shorter cycle of the jackup market. 

However, with oil prices unlikely to recover in the near-term, Jefferies said it expects the contracted floater rigcount to decelerate through mid-2017. 

Shares of Rowan were higher in early-afternoon trading on Wednesday. 

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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

TheStreet Ratings rates Rowan as a Hold with a ratings score of C. The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, compelling growth in net income and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, it finds that revenues have generally been declining.

You can view the full analysis from the report here: RDC

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