UPDATE: Morgan Stanley Initiates Noble Energy at Overweight on Niobrara Potential
Morgan Stanley initiated coverage on Noble Energy (NYSE: NBL) with an Overweight rating and a $120 price target.
Morgan Stanley noted, "We estimate NBL's CFPS growth will be 4x its peers' in 2013-14, with the highest probability of achieving growth in the group. NBL's concentrated exposure to Wattenberg, among the US's highest return plays, alone provides 50%+ upside, by our estimate."
Noble Energy closed at $93.83 on Monday.
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