UPDATE: Wunderlich Securities Initiates Coverage on Noble Corporation with Buy Rating, $51 PT on Valuation, Potential Catalysts

In a report published Wednesday, Wunderlich Securities analyst Todd P. Scholl initiated coverage on

with a Buy rating and $51.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Noble Corporation (NE) with a Buy rating and a price target of $51, which represents a 6x 2015 EV/EBITDA multiple. Historically, Noble's fleet has been dominated by standard jack-ups and moored floaters but in recent years the company has shifted its focus toward higher specification jack-ups and dynamically positioned deep water floaters as evidenced by the company's current newbuild pipeline. Noble also is considering a spin-off of its older jack-ups rigs, which, once complete, should be a positive catalyst. At the current valuation, we believe the stock offers attractive appreciation potential.” Noble Corporation closed on Tuesday at $37.04.