J.P. Morgan Upgrades Noble Corp Rating To Overweight (NE)

In light of the increased construction in offshore drilling, J.P. Morgan has upgraded Noble Corp NE to an Overweight Rating.

According to the report, “Raising Noble Corp to Overweight from Neutral with a $50 PT. While Noble's fleet remains a work in progress , valuation is not only the lowest in the group, but even more attractive in light of several catalysts: 1) highest exposure to the Gulf of Mexico, 2) execution concerns on its newbuild program should abate, and 3) Middle East jackups should also see a pickup. Furthermore, Noble has aligned itself with Shell on several fronts, considered among many to be the premiere deepwater operator and likely to play an even more prominent role post-Macondo.”

Noble Corp closed at $44.10 on Friday. Noble Corp has a $50.00 PT and an Overweight Rating.