Noble Grp - Noble cut to Hold by DBS Vickers with $1.62 target

Stock Name: Noble Grp
Company Name: NOBLE GROUP LIMITED
Research House: DBS Vickers

DBS Vickers downgrades Noble Group (N21.SG) to Hold from Buy, cuts target price to $1.62 from $2.00, after reducing FY10-11 EPS estimates by 23%-25% to reflect lower agriculture, energy contributions, plus higher selling, general and admin expenses, according to Dow Jones



DBS Vickers says 2Q10 results dismal, with earnings down 65% on year at US$86.6 million ($118 million): “While we believe the market has already priced in the poor results, there remains little catalyst for the stock in the near term.”



Shares off 1.9% at $1.56.