Sterne Agee Upgrades Noble Energy To Buy

According to Sterne Agee, Noble Energy

is upgraded to Buy. Sterne Agee said that it is raising its rating on NBL shares to Buy from Neutral and introducing a Price Target of $107, representing 18% upside from the current level. “Our target price is based on a benchmark 2012E EV/EBITDA multiple of 6.0x. Shares currently trade at 5.0x, based on our estimates.” Noble Energy closed yesterday at $90.79.