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Fly News Breaks for September 18, 2018
NE
Sep 18, 2018 | 17:26 EDT
Morgan Stanley analyst Connor Lynagh initiated Noble with an Underweight rating and a price target of $6 as part of his broader research note on Oil Services Drilling/Equipment industry. The analyst warns that the company's high leverage and potential for earnings downside could weigh on the stock price, even though it has no major debt maturities until 2022. Lynagh adds that there is "potentially significant downside to estimates given the roll-off of high-priced contracts" in the Noble's backlog towards the end of 2018 ad early 2019.
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