Global Hunter Sees Noble Catching Fast Money Following Transocean's Dip on Friday

Global Hunter's Brian Uhlmer issued a note early Monday suggesting the fast money may shift from Transocean

to Noble Corp.

in the wake of a 1.3 percent decline on Friday. Traders attributed the move lower in Transocean to shareholders rejection of Carl Icahn's dividend plan. Uhlmer believes Noble Corp. could outperform moving forward as news of a potential spin off trickles out. The analyst also pointed to less downside risk in Noble given the current weakening dayrate environment. Global Hunter's Uhlmer reiterated a Buy rating and raised the price target on Noble shares from $46 to $56. Noble

is up 17 percent YTD and closed on May 17th at 40.66. Stock is up over 3 percent at last check.