Seaport Global Securities Downgrades Noble Corporation (NE) to Neutral

October 7, 2016 9:33 AM EDT
Get Alerts NE Hot Sheet
Price: $6.52 -0.31%

Rating Summary:
    16 Buy, 21 Hold, 8 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 20 | Down: 15 | New: 18
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Seaport Global Securities downgraded Noble Corporation (NYSE: NE) from Accumulate to Neutral and maintains a $6 price target.

Analyst Mark Brown commented, "We maintain our price target of $6.00 on NE based on a 9.5x multiple on our 2018 EBITDA estimate. The stock price has increased recently to $6.29 as of yesterday’s close and is now slightly above our unchanged price target, hence we reduce our rating to Neutral (from Accumulate) to reflect that we now consider the shares fairly valued. Our EBITDA estimates are 2% below consensus in 2017 and 15% above consensus in 2018."

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

Shares of Noble Corporation closed at $6.29 yesterday.

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