Noble Corp. price target lowered to $29 from $39 at Barclays

Barclays lowered the firm’s price target on Noble Corp. (NE) to $29 from $39 and keeps an Overweight rating on the shares. The firm remains constructive on the long-term offshore drillers outlook, but believes white space on deepwater rigs could extend well into 2026 given a challenged supply/demand dynamics. It “conservatively” lowered day-rate assumptions and cut price targets significantly.