SunTrust analyst Welles Fitzpatrick initiated Noble Energy with a Buy rating and a price target of $42, citing its growth prospects, low valuation multiple, and a high net asset value. The analyst says Noble has "premier positions in the Wattenberg", which is transitioning to becoming cash-flow positive, and the Delaware basin, which remains in growth mode. Fitzpatrick adds that once Leviathan basin comes on-line, Eastern Mediterranean assets will also achieve free cash flow positive status in FY20, positioning Noble as the cheapest stock in the large cap group on its enterprise value to EBITDA basis.