KLR Group Cuts Estimates on Noble Corp (NE) Reflecting Fleet Status Report; PT to $15.50

KLR Group maintained a Buy rating on Noble Corporation (NYSE: NE), and cut the price target to $15.50 (from $16.00), to reflect lower 2016 EPS estimates and higher risk near term. The changes reflect adjustment from the last fleet status report and assumptions for slightly lower fleet utilization in 2016.

Analyst Darren Gacicia commented, "We are lowering our price target to $15.50 from $16.00, to reflect lower '16 EPS and higher risk near term. We maintain our BUY rating, as we continue to favor its new fleet, upside to mid-cycle value, strong balance sheet, and financial flexibility to acquire distressed assets at attractive prices. Please see our initiation Cyclical Wheel Is Turning, pg 218, for more detail."

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 $10.90 yesterday.

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