UPDATE: Deutsche Bank Upgrades Noble to Buy, Raises PT to $48

Deutsche Bank raises its rating on Noble

to Buy from Hold and raises its price target by $14 to $48 as the company builds new rigs. Deutsche Bank says, "We are upgrading NE to BUY from HOLD as our concerns around acceptance of/ potential downtime associated with new (and untested) rigs entering the market as well as additional downtime from maintenance/certification of subsea equipment are now better discounted. With a steady stream of (less controversial) newbuilds on the way, NE is now ahead of the fleet re-cap curve. Meanwhile, the improvement in the offshore market is beginning to extend beyond the ultra-deep and high spec jackup segments, benefiting NE's legacy fleet." NE closed at $34.61 per share on Thursday.