UPDATE: Credit Suisse Initiates Outperform, $116 PT on Noble Energy
Credit Suisse initiates its coverage on Noble Energy (NYSE: NBL) with an Outperform rating and a price target price of $116 as the company has assembled an optimal portfolio for outsized growth with unmatched visibility.
Credit Suisse comments, "While NBL is a consensus long, we believe there are still enough catalysts to support further outperformance from here. ...Given the depleting nature of the asset base, one of the most important characteristics of a successful E&P company is the presence of a core franchise asset that provides an inventory of lowcost and low-risk development opportunities. NBL has a key position in one of the industry's best long-life franchise assets at the Wattenberg field."
NBL closed at $102.27 a share yesterday.
