UPDATE: Sterne Agee Downgrades Noble Energy to Neutral on Middle East Risks
Sterne Agee reduced its rating on Noble Energy (NYSE: NBL) and removed its $109 price target.
Sterne Agee commented, "Noble announced an impressive five-year growth plan last week, but we believe the growth is properly priced into shares. While the long-term outlook remains robust, 4Q12 and 2013 guidance fell short of our estimates. With two international projects coming on line in 2013, the near-term outlook will be driven more by execution than exploration. We also remain wary of the company's outsized exposure to the Middle East amid escalating tensions in the region."
Noble Energy closed at $101.45 on Friday.
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