UPDATE: BMO Capital Markets Cuts PT to $45 on Noble Corporation on Cost Guidance

BMO Capital Markets reiterated its Outperform rating on Noble Corporation

and lowered the price target from $48.00 to $45.00. BMO Capital Markets noted, "the story of the quarter was the 2013 Opex forecast of $2.2-2.3B. This was well above ours and consensus estimates, driving a material revision in 2013 EPS and (not surprisingly) eliciting an unfavorable stock reaction. Cost surprises continue to be the bane of the offshore sector (for NE in particular) and are unlikely to abate. … Our target falls to $45." Noble Corporation closed at $37.46 on Friday.