Canaccord Genuity Maintains a 'Hold' on Noble Corporation (NE); EPS Ramp-Up Through Q2/12

Canaccord Genuity maintains a 'Hold' on Noble Corporation (NYSE: NE) price target of $40.00.

Canaccord analyst, Scott Burk, said, "Noble will be building earnings momentum over the next two quarters after bottoming in Q2 at $0.17/sh. In our model, quarterly EPS go to $1.02 in Q2/12 and plateau until Noble's newbuild drillships and five jackups begin delivering in late 2013."

"While Noble has an attractive growth profile as its 14 newbuilds should deliver EPS growth over the next three years, we see better growth potential and more attractive fleets for some of its peers – e.g., Atwood Oceanics (NYSE: ATW)(BUY) and Ensco (NYSE: ESV)(BUY)."

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

Shares of Noble Corporation closed at $33.45 yesterday.

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