The firm hosted meetings with the company's management earlier this week. Noble focused on its strong medium-term liquidity position and the quality of its backlog.
That should put Noble in a strong position when the market eventually recovers, Credit Suisse noted.
"NE is more middle of the road in terms of timing of the recovery thinking 2018 vs. the bulls in 2017 and the bears in 2019/2020. We are thinking second half of 2018," the firm wrote in an analyst note earlier today.
"While management shied away from potential capital raises on the 1Q16 call (so much so it was not asked on the 2Q16 call) and was pretty clear that they do not need additional capital any time soon, management noted it needs to keep all options on the table," Credit Suisse added.
Noble is a London-based offshore drilling contractor.
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