Deutsche Bank analyst Ryan Todd raised his price target for Noble Energy to $40 following the company's Q4 results. Even following yesterday's rally, the shares still reflect only an average multiple, Todd tells investors in a post-earnings research note titled "Mo Money, Fewer Problems." The company's production growth outlook for U.S. onshore and Israel through 2020 are broadly unchanged versus the prior outlook, though will be executed at an oil price $5 per barrel lower. Nobel's longer-term outlook "provided investors with an open-door view into what sustainable cash return looks like," Todd contends. He keeps a Buy rating on the shares.