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Noble Energy (NBL +1.1%) is upgraded to Outperform with a new $120 target price, up from $100,...

Noble Energy (NBL +1.1%) is upgraded to Outperform with a new $120 target price, up from $100, at FBR Capital, which believes NBL's DJ Basin acreage could ultimately be worth nearly 95% of current market cap, implying very little value is currently ascribed to the rest of the franchise. Also, increasing domestic share of production crude oil should help in re-rating cash flows.
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