Mizuho Securities Starts Noble Energy (NBL) at Buy
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Mizuho Securities initiates coverage on Noble Energy (NYSE: NBL) with a Buy rating and a price target of $44.00.
Analyst Timothy Rezvan commented, "NBL shares appear poised to break out following YTD underperformance. Investor reticence to buy NBL shares, on fears of an imminent large/dilutive Permian Basin acquisition, is overdone in our view. Noble's 2015 Rosetta acquisition was prescient in our opinion, establishing a Delaware Basin footprint. A subsequent acquisition from this $22 billion EV company is unlikely to offset recent deleveraging efforts. We are also bullish on the underappreciated DJ Basin asset and Noble's diversified portfolio, given idiosyncratic risks are largely behind it (Colorado, Israel, balance sheet)."
Shares of Noble Energy closed at $35.45 yesterday.
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