Noble Corp initiated with a Buy at Wunderlich; tgt $51; valuation & potential catalysts indicate upside (37.27 +0.23)
Wunderlich initiates NE with a Buy and price target of $51. 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.
why? where is the earnings growth? earnings are much lower than like 5 years ago even with billions in acquisitions and billions spent in new rig additions. we are constantly told it will get better $5 a share in eps? when???? when????
Sell the company already we can easily get 52 a share and end the waste.
We saw earnings growth of 15% last quarter year-over-year. Earnings estimates suggest significantly greater growth in EPS for 3rd & 4th quarters to finish this year at $2.89/share ; then a hugh jump in 2014 to $4.50