Standpoint Research Lifts Price Target On Noble (NE) to $66
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Standpoint Research raises its 2010-2011 price target on Noble (NYSE: NE) from $55 to $66, while maintaining a Buy rating.
The firm notes, "NE is one of the ten highest ranking stocks in the Russell-1000 according to our 155-variable computer model and passes our fundamental and subjective overlays. It should be noted that NE needs oil prices to remain at (or rise above) current levels in order for our price target to be realized (or many NE customers will not drill). Backlog is down 6% (to $9 bln) versus a year ago, so earnings may decline y/y … that is already factored into the share price."
Shares of NE closed at $44.76 yesterday, providing 47% potential upside to the firm's new price target.
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