Noble Corp. upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Arun Jayaram upgraded Noble Corp. (NE) to Overweight from Neutral with a $30 price target after meeting with management. The firm highlights management’s confidence in securing incremental term work for its deepwater floater fleet to boost earnings visibility in 2026, although it says near-term conditions remain choppy in both the deepwater and harsh environment jack-up market. JPMorgan thinks Noble will generate sufficient free cash flow to support the current dividend rate in 2025 and 2026. Successful execution of additional term work in 2026 “would go a long way in terms of supporting the sanctity of the dividend” and a re-rating of the multiple, contends the firm.