Noble "buy," target price raised

06/21/07 - Capital One Southcoast

NEW YORK, June 21 (newratings.com) - Analysts at Capital One Southcoast maintain their "buy" rating on Noble Corp (NE), while raising their estimates for the company. The target price has been raised from $107 to $117.

In a research note published this morning, the analysts mention that the company’s stock has been an attractive investment option since last year due to the lack of exposure to GOM jackups. Noble is expected to continue to efficiently manage costs and drive leading-edge rates going forward, which is likely to continue to boost its share price, the analysts say. The upward revision in the target price reflects a shift in the base year, Capital One Southcoast adds. The EPS estimates for 2007 and 2008 have been raised from $8.90 and $12.60 to $8.93 and $12.84, respectively.