Noble Grp - Noble target raised to $2.21 by Daiwa, Keeps Buy

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

Daiwa raises Noble Group's (N21.SG) target price to $2.21 from $2.00 to factor in recent rise in shares of commodity supplier's peers. Keeps Buy call, says Dow jones.



"While we do not expect superb 3Q10 net-profit growth due to the challenging market conditions for soybean crushing in China, international dry-bulk shipping, and spot iron-ore trade, we do expect good things from the company's energy-trading division from 4Q10," says Daiwa.



Research house notes Noble expanding energy trading team to cover various asset classes; "in our view, Noble is trying to step into a market vacuum left by investment banks, which have generally been consolidating their operations due to new regulations and capital constraints." Shares last off 1.1% at $1.89.