Citi Reiterates Buy on Noble Corp (NE)

Citi is out with its report today on Noble Corp NE, reiterating Buy.

In a note to clients, Citi writes, "NE announced that it has received six contracts and one extension from Pemex. We believe this is a significant positive for NE because it suggests relief from some of the delays that have characterized offshore (and onshore) drilling in Mexico. We reiterate our Buy rating and $54 price target. With this many contracts and at these terms and rates, Mexico appears to be coming out of a period of uncertainty and moving forward with its drilling program."

At the time of posting, shares of NE were trading at $43.47, up 1.59% from Thursday's close.