UPDATE: Cowen Securities Reiterates Buy Rating, Lowers PT on Noble Corporation Following April Fleet Status Report

In a report published Friday, Cowen Securities analyst J.B. Lowe reiterated a Buy rating on Noble Corporation NE, but lowered the price target from $50.00 to $48.00. In the report, Lowe noted, “The April fleet status report outlined an additional ~160 days of unpaid downtime in 2013 and 180 days in 2014. In 2013, the Globetrotter I incurred 20 days in 1Q; the Clyde Boudreaux added 8 days to its previously announced BOP issue; the Leonard Jones will be down for all of 2Q for inspection; and the Amos Runner will incur 28 and the Driller 14 days in 4Q13. The Paul Wolff will undergo a 180-day yard stay starting May 2014 for its 5-year survey and for repairs and maintenance. We trim our EPS estimate in 2013 to $2.75 per share (from $2.90) and in 2014 to $4.55 (from $4.85) largely to account for the additional unpaid downtime. We also lower our price target to $48 (from $50), which is based on a 6.15x multiple on 2014 EBITDA.” Noble Corporation closed on Thursday at $37.45.