Citi lowered its price target on Noble Corporation to $45 from $52 while maintaining a Neutral rating, citing rig downtime in Brazil and updated contracts. The firm noted that the Noble Faye Kozack and Noble Courage floaters experienced 50 to 60 days of downtime due to technical compliance issues in the fiscal second quarter, creating a $40 million revenue headwind. Separately, Noble announced the pricing of an upsized $800 million offering of 6.250% Senior Notes due 2034, increased from an originally planned $500 million, with closing expected around June 11.
Noble Corporation plcCiti cut price target from $52 to $45 due to rig downtime and revenue headwind.
Citigroup Inc.