Deutsche Bank Upgrades Noble Energy (NBL) to Buy

Deutsche Bank upgraded Noble Energy (NYSE: NBL) from Hold to Buy with a price target of $42. Analyst Ryan Todd sees the stock as inexpensive.

"We upgrade NBL as a relatively inexpensive defensive play on a ‘lower for longer’ crude backdrop while still offering investors a relatively catalyst rich story through 2016 highlighted by Israel project de-risking and upward revision momentum to EF/Permian type curves, etc). Despite the recent outperformance (5% vs. -23% for the EPX since 3Q15), we still see the shares offering an attractive entry point with 2017 EV/EBITDAx of 7.5x/5.9x at $50/$60 WTI (a 10%/16% discount to the rest of our coverage ex CVX, XOM)," said the analyst.

For an analyst ratings summary and ratings history on Noble Energy click here. For more ratings news on Noble Energy click here.

Shares of Noble Energy closed at $31.69 yesterday.

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