This morning, Citigroup raised its price target on shares of Noble Corp. (NYSE:NE) to $42 as cost cutting measures by the company should improve earnings. With the higher price target, Citigroup also raised its EPS estimates while maintaining its buy rating.
Another oil and gas service company seeing a change to its analyst rating was Diamond Offshore Drilling (NYSE:DO). Morgan Stanley lowered its EPS estimates through 2012 as the preference for new rigs by operators could impact earnings negatively. With the lower earnings estimates, Morgan Stanley maintained its underweight rating and its price target of $57 per share.
Noble Corp. and Diamond Offshore Drilling account for about 13% of the Oil Services HOLDRS ETF (AMEX:OIH) which is up sharply today following strong earnings by the ETF's top holding Schlumberger (NYSE:SLB).
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