UPDATE: Societe Generale Reiterates Buy Rating, Lowers PT on Noble Corporation

In a report published Monday, Societe Generale reiterated its Buy rating on Noble Corporation (NYSE: NE), but lowered its price target from $48.00 to $45.00.Societe Generale noted, “Noble's downtime/costs associated with newbuild rig arrivals are impacting operating profitability. NE issued preliminary 2013 cost guidance in last Thursday's call of $2.2-$2.3bn, significantly higher than the $2.0bn we had forecast. We believe NE will get its downtime/cost issues under control, but this is likely to take several quarters. Higher-than-expected costs are likely to persist in 2014 with another five newbuilds set to arrive next year. We now forecast 2013/14 EPS of $3.40/$5.10, down from $4.10/$5.30, and initiate our 2015 EPS of $5.55”Noble Corporation closed on Friday at $38.23.