KLR Group Raises Price Target on Noble Energy (NBL) to $67; Reiterates Buy
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KLR Group reiterated a Buy rating on Noble Energy (NYSE: NBL), and raised the price target to $67.00 (from $55.00), following the integration of Noble's long term growth outlook.
Analyst Gail Nicholson commented, "We are raising our target price $12 to $67 per share following the integration of Noble's long term growth outlook into our model, which resulted in an 10% improvement in capital productivity, a ~10% increase in our US onshore asset capital allocation assumption, and higher liquids composition (liquids account for ~47% of volumes in '17 vs. our previous estimate of ~45%)."
Shares of Noble Energy closed at $35.34 yesterday.
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