Estimates Raised for Noble Corporation and Global Geophysical Services

Credit Suisse has released its Global Oil Daily this morning and has raised estimates on Noble Corp. NE and Global Geophysical Services GGS. Credit Suisse raised EPS estimates for NE in 2011 and 2012 to $3.80/$4.40 from $3.70/$4.32. NE's price target has also been raised to $43 from $42. Credit Suisse reiterates their Outperform rating. EPS estimates also increased for GGS. Credit Suisse has adjusted its 2011 EPS estimate from $0.35 to $0.40. Credit Suisse writes, "Valuation very attractive: GGS currently trades at 2.2x our EV-to-2011E total EBITDA vs. closest peer Geokinetics at 3.7x consensus estimates. For our $12 TP, we set a 5 multiple on EBITDA that excludes M-C amortization, versus 4.0x today, which gives more credit for growth, technology position and U.S resiliency, but acknowledges limited float vs. larger OFS peers."