As previously reported, Bernstein analyst Colin Davies upgraded Noble Corp. to Market Perform from Underperform on its strong exposure to the high specification jack up sector where the market has found a floor and there is some tentative evidence of rate improvement. The analyst also points out that the company has de-risked the near-term by successfully rescheduling maturities into the next decade. Additionally, Davies believe further industry consolidation is likely and Noble could be a consolidation candidate. The analyst also raised his price target on the shares to $5 from $4.