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Noble (NE) Stock Slumps Despite BofA/Merrill Upgrade

NEW YORK (TheStreet) -- Noble (NE) stock rating was boosted to "neutral" from "underperform" at Bank of America/Merrill Lynch on Tuesday morning, the Fly reports.

The firm maintained its $7.50 price target on shares of the London-based offshore drilling contractor.

The higher rating comes after an upgrade of the energy sector to "overweight" by the firm's commodity strategist team.

BofA/Merrill belives Noble's valuation is more attractive following a recent pullback. Additionally, its backlog supports its Royal Dutch Shell (RDS.A) relationship and debt refinancing is a...