Noble Grp - Noble target cut to $2.26 by Nomura; Keeps Buy call

Stock Name: Noble Grp
Company Name: NOBLE GROUP LIMITED
Research House: Nomura

Nomura cuts Noble Group (N21.SG) target price to $2.26 from $2.46 after lowering FY10-FY12 earnings estimates by 10.0%-10.9%, says Dow Jones.



Changes reflect weak macro conditions in businesses such as iron ore, logistics, soybean crushing, as well as slower-than-expected ramp-up in new businesses like crude oil trading.



Nomura says 2Q10 results, due Aug 12, may disappoint as earnings from unit Gloucester Coal (GCL.AU) below expectations.



Still, keeps Buy call: “Noble remains a very solid long-term fundamental re-rating story. New investments, albeit slow, should deliver with optimum utilisation in due course.”



Shares flat at $1.66.