UPDATE: Jefferies Downgrades Noble Corporation to Hold Following 2013 Guidance

Jefferies downgraded Noble Corporation

from Buy to Neutral and lowered the price target from $48.00 to $42.00. Jefferies noted, "Although we expected cost guidance to come in ahead of our $1.91B estimate, we were surprised by the magnitude of the $2.05-$2.15B figure provided. … NE's disappointments on opex and capex guidance don't completely overwhelm the excitement we have for its long term earnings growth potential, but given share appreciation and near term risks (still), we prefer to be on the sidelines with this stock." Noble Corporation closed at $37.46 on Thursday.