UPDATE: Pareto Securities Reiterates Hold Rating, Lowers PT on Noble Corporation

In a report published Friday, Pareto Securities reiterated its Hold rating on Noble Corporation

, but lowered its price target from $43.00 to $41.00. Pareto Securities noted, “Noble is in the middle of a transition period where 90% of the cash flow came from older units in 2011, while around 50% will come from modern rigs in 2015E. However, delayed cash flow from newbuilds and significantly higher maintenance capex for older rigs in 2013 is delaying the super profit. We lower our EPS estimate for 2013E from 3.7 to 2.4 due to higher guided opex and tax, while we increase interest cost on the assumptions on more debt due to delayed cash flow. Our target price is lowered from USD 43 to 41.” Noble Corporation closed on Thursday at $37.46.