UBS Maintains a 'Buy' on Noble Corporation (NE); Adjusting Numbers, But Remains Top Pick

UBS maintains a 'Buy' on Noble Corporation (NYSE: NE) price target raised from $40 to $45.

UBS analyst says, "As we highlighted in our 2012 Outlook report several weeks ago, Noble is one of our Top Picks for the year. Our positive stance stems from: 1) improving dayrates and market conditions for both deepwater and jackup rigs, 2) Noble’s chronically high rig downtime in 2011, which should slowly improve in 2012, 3) Noble will have a transformed rig fleet following its major newbuild rig program."

"We are reducing our 2012/2013 estimates by 16% on higher operating costs and interest expense." (FY12 from $3.63 to $3.05 and FY13 from $5.14 to $4.34)

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 $34.81 yesterday.

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