Stock Name: Noble Grp
Company Name: NOBLE GROUP LIMITED
Research House: DBS Vickers
Company Name: NOBLE GROUP LIMITED
Research House: DBS Vickers
DBS Research cuts Noble Group’s (N21.SG) target to $2.00 from $2.37 on lower agriculture margins, cuts FY10, FY11 EPS forecast by 18.2%, 17.7%, respectively, on margins, higher non-production related expenses, according to Dow Jones.
DBS adds soybean selling in Argentina has been slower-than-expected. But reiterates Buy call: “We believe current weakness is an opportunity to buy for an attractive 21% upside even at reduced earnings forecasts.”
Research house believes group has positive outlook with sale of Middlemount coal operations set to “unlock some cash for new investments in the next quarter.” Notes, possible recovery in sport soybean crushing margins also likely to be reflected in 3Q10, 4Q10 results.
Stock last down 1.2% at $1.63
DBS adds soybean selling in Argentina has been slower-than-expected. But reiterates Buy call: “We believe current weakness is an opportunity to buy for an attractive 21% upside even at reduced earnings forecasts.”
Research house believes group has positive outlook with sale of Middlemount coal operations set to “unlock some cash for new investments in the next quarter.” Notes, possible recovery in sport soybean crushing margins also likely to be reflected in 3Q10, 4Q10 results.
Stock last down 1.2% at $1.63
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