Seaport Global Securities Downgrades Noble Corporation (NE) to Neutral
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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."
Shares of Noble Corporation closed at $6.29 yesterday.
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