Deutsche Bank Upgrades Noble Corporation (NE) to Buy; New Year - In with the New (Rigs)

Deutsche Bank upgraded Noble Corporation (NYSE: NE) from Hold to Buy.

Deutsche analyst says, "We are upgrading NE as our concerns around acceptance of/potential downtime associated with new (and untested) rigs entering the market as well as additional downtime from maintenance/certification of subsea equipment are now better discounted. With a steady stream of (less controversial) newbuilds on the way, NE is now ahead of the fleet re-cap curve. Meanwhile, the improvement in the offshore market is beginning to extend beyond the ultra-deep and high spec jackup segments, benefiting NE's legacy fleet."

"We are updating our estimates to account for the latest fleet status report. As a result, our 2011, 2012 and 2013 estimates go to $1.34, $3.15 and $4.40 from $1.55, $3.55 and $3.50, respectively."

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 $34.61 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Deutsche Bank Upgrades Huizhou Desay Sv Automotive Co (002920:CH) to Hold
• Centuri Announces Executive Leadership Changes
• Deutsche Bank Upgrades AutoStore Holdings Ltd (AUTO:NO) to Buy