The firm has a $4 price target on shares of the London-based offshore drilling contractor.
The upgrade comes after relative underperformance, especially compared to Diamond Offshore Drilling (DO), which Goldman downgraded to "sell" from "neutral" this morning, the Fly noted.
Additionally, the firm said Noble's EBITDA has already corrected sharply and Goldman expects lower declines compared to peers in 2017 to 2020.
Oil prices were also higher early this morning. Crude oil (WTI) was recently rising 1.7% to $44.80 per barrel and Brent crude was up 1.63% to $46.63 per barrel.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels.
But the team also finds that the stock has had a generally disappointing performance in the past year.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: NE