Wells Fargo Upgrades Noble Energy (NBL) to Outperform; Using Underperformance Opportunistically

Wells Fargo upgraded Noble Energy (NYSE: NBL) from Market Perform to Outperform. Valuation range to $115-120 from $95-100.

Wells analyst says, "Noble Energy provides a uniquely balanced portfolio of E&P assets, domestic and international, oil and gas, and development and exploration. Following exploration successes in recent years, Noble offers impressive visibility of long-lead growth projects. Domestic onshore development complements offshore-focused exploration. Our Outperform rating is centered on the substantial long term value we see in Noble's Israeli assets, along with the accelerating production growth we see through 2013 and beyond."

For more ratings news on Noble Energy click here and for the rating history of Noble Energy click here.

Shares of Noble Energy closed at $93.23 yesterday.

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