Noble Corp. price target raised to $53 from $49 at Evercore ISI

Evercore ISI analyst James West raised the firm’s price target on Noble Corp. to $53 from $49 and keeps an Outperform rating on the shares after the company reported "strong" beats in both revenue and adjusted EBITDA in Q4. The firm, which cites an improved balance sheet and near term cash flow visibility for its raised target, forecasts Noble to generate nearly $600M in free cash flow over the next two years, excluding potential reactivation costs or incremental contract prep costs.