As previously reported, Morgan Stanley analyst Devin McDermott upgraded Noble Energy to Overweight from Equal Weight, stating that it offers one of the most "compelling" and stable free cash flow growth stories in the sector. Also, following the stock's 15% underperformance compared to peers in 2018, he sees the valuation as "deeply discounted," McDermott said. While he is below the consensus view for production in 2019 and 2020, the analyst thinks buyside expectations and the current valuation already reflect the fact that near-term forecasts need to move lower. He lowered his price target on Noble shares to $33 from $37.