The new price target comes after the offshore drilling contractor reported weak 2015 fourth quarter earnings results yesterday.
"Although we were a little surprised that capex remains elevated versus peers (apparently somewhat owing to a robust subsea and newbuild spares program, but seemingly somewhat discretionary too), estimates are otherwise largely intact," the firm said in an analyst note.
Noble has the second-best contract profile through 2017, which adds some defensiveness versus peers, Jefferies added.
Shares of the London-based company are rising by 2.21% to $8.33 on heavy trading volume on Friday afternoon.
About 10.6 million of Noble's shares were traded by this afternoon, compared to its average volume of 8.85 million shares per day.
Additionally, oil prices are stabilizing this afternoon as the number of U.S. rigs fell by 31 to a total of 467 this week, according to Baker Hughes (BHI) data.
Separately, TheStreet Ratings Team has a "sell" rating with a score of D+ on the stock.
This is driven by multiple weaknesses, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered by the team.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and generally disappointing historical performance in the stock itself.
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: NENE data by YCharts