Morgan Keegan Maintains Outperform on Noble

Morgan Keegan is out with its report today on Noble (NYSE: NE), maintaining Outperform.

In a note to clients, Morgan Keegan writes, "The July fleet status report was clearly disappointing on increased downtime. That said our long-term outlook for Noble remains unchanged. We remained concerned with Noble's exposure to the U.S. GOM, speculative newbuild capacity, and the push back of delivery dates for several newbuilds. Thus we believe that the market has reacted accordingly with the share price's recent retreat. With the view that the Q2'11 issues are priced in and given upside relative to our price target, we remain generally positive on Noble."

Morgan Keegan maintains a $48 PT on NE.

At the time of posting, shares of NE were trading pre-market at $36.69, up 1.66% from Thursday's close.