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What's Wall Street's Take on Offshore Drillers?

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Part 4
What's Wall Street's Take on Offshore Drillers? PART 4 OF 17

Why Some Analysts Downgraded Noble in December

Downgrades

Last week, Goldman Sachs downgraded Noble (NE) to “sell” from “neutral.” Goldman Sachs also downgraded Ensco (ESV) from “buy” to “neutral” and gave a price target of $11. On the same day, RBC also downgraded Noble to “underperform” from “sector perform.” Transocean (RIG) was also downgraded by RBC to “underperform” from “sector perform.”

Why Some Analysts Downgraded Noble in December

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Price target changes

In December, many analysts revised their price targets for Noble. Seaport Global raised the target price to $6.5 from $6. Evercore decreased the price target for Noble to $8 from $9. It maintained its “buy” rating on the stock. CitiGroup raised the target price to $7.5 from $6. Citigroup has a “neutral” rating on the company. On December 23, 2016, Jefferies raised the target price of Noble to $7. It maintained its “hold” rating on the stock. On the same day, Jefferies also raised its target price for other offshore drillers (OIH) like Atwood Oceanics (ATW) and Ensco. In December, Bernstein initiated coverage on Noble and gave it a “market perform” rating.

Consensus rating is a hold

According to Reuters, the consensus analyst rating for Noble is 3.4, which means a “hold.” Currently, 38 analysts cover Noble. Of these, only four analysts have given a “buy” recommendation on the stock. 19 analysts have a “hold” recommendation, 11 analysts have a “sell” recommendation, and four analysts have a “strong sell” rating. The consensus target price is $5.9, which implies a downside of 4%.

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