UPDATE: Clarkson Capital Markets Reiterates Market Perform Rating, Lowers PT for Noble Corporation

In a report published earlier today, Clarkson Capital Markets reiterated its Market Perform rating for Noble Corporation NE, but lowered its price target from $40.00 to $36.00 price target. Clarkson went on to say “We continue to believe that Noble offers attractive revenue growth and ROE profile with relatively low financial leverage. We estimate revenue will see compound annual growth of 27% over the next two years with ROE of 9% which compares to peer group average of 20% and 8% respectively. At current valuation however, we believe the stock offers limited relative appreciation potential.” Noble Corporation closed yesterday at $31.27.