Noble Corp. initiated with an Overweight at Barclays

Barclays initiated coverage of Noble Corp. with an Overweight rating and $58 price target. After seven challenging years in the offshore drilling market from 2015-2021, the sector, particularly the deepwater segment, has undergone a major transformation with hundreds of rig retirements and acquisitions among rig contractors resulting in a much smaller, more consolidated rig market than before, the analyst tells investors in a research note. The firm sees mounting evidence of the duration of this offshore cycle and says the group is "no longer uninvestable."