Duncan-Williams Has Buy on Noble Corporation

Duncan-Williams is out with a research report on Noble Corporation

and it has a Strong Buy rating and a $57.25 price target on shares. In a note to clients, Duncan-Williams writes, "Backlog stands at $13 billion as of June 30, 2011. The fleet is 73 percent booked for the remainder of the year with 43 percent booked for 2012. We are lowering our 2011 earnings estimate to $1.58 per share from $1.75 per share. Our 2012 earnings estimate is raised to $3.75 per share from $4.10 per share." Shares of NE closed at $31.48 on Friday.