UPDATE: Morgan Stanley Initiates Noble Energy at Overweight on Niobrara Potential

Morgan Stanley initiated coverage on Noble Energy NBL with an Overweight rating and a $120 price target. Morgan Stanley noted, "We estimate NBL's CFPS growth will be 4x its peers' in 2013-14, with the highest probability of achieving growth in the group. NBL's concentrated exposure to Wattenberg, among the US's highest return plays, alone provides 50%+ upside, by our estimate." Noble Energy closed at $93.83 on Monday.