JPMorgan initiated coverage of Noble Corp. (NE) with a Neutral rating and $37 price target The firm initiated overage of the offshore drillers with a cautious outlook citing oil price risk and softening demand trends. It expects this to place modest downward pressure on day rates. Despite an improvement in the overall market structure, leading-edge day rates for both floaters and jackups will trend down given lackluster demand trends, which could result in further white space challenges in 2025, the analyst tells investors in a research note.
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Read More on NE:
- Array Technologies names Jennings as Chief Financial Officer
- Noble Corp. price target lowered to $40 from $45 at Citi
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- Noble Corp. price target lowered to $38 from $40 at Susquehanna
- Noble Corporation’s Q3 2024 Results and Strategic Moves
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
