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UPDATE: Morgan Stanley Reiterates on Noble Following 1Q14 Earnings

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In a report published Thursday, Morgan Stanley analyst Ole Slorer reiterated an Equal-Weight rating on Noble (NYSE: NE), but removed the $36.00 price target.

In the report, Morgan Stanley noted, “NE's improving grip on Opex is evident (Ex.3), with its latest beat largely attributable to significantly reduced mobilization and repair/maintenance cost. On the restructuring front, NE continues to target the divestiture of Paragon Offshore by year-end. While we still see meaningful upside from the separation of standard assets coupled with a full dividend payout, we now believe that an adverse market outlook for lower-spec assets could serve as an unforeseen hurdle, particularly in NE's currently chosen IPO route.”

Noble closed on Wednesday at $30.37.

Latest Ratings for NE

DateFirmActionFromTo
Nov 2014Bank of AmericaMaintainsUnderperform
Oct 2014Credit SuisseMaintainsOutperform
Oct 2014Morgan StanleyMaintainsEqual-weight

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