Stock Name: NOL
Company Name: NEPTUNE ORIENT LINES LIMITED
The brokerage also said it expects NOL’s second half earnings to be stronger than the preceding six months, driven by stronger freight rates due to a seasonal recovery in volumes and resilient demand.
Company Name: NEPTUNE ORIENT LINES LIMITED
| Research House: Barclays | Price Call: HOLD | Target Price: 1.61 |
Barclays Capital has upgraded Singapore container shipping firm Neptune Orient Lines (NOL) (NEPS.SI) to equal-weight from underweight, but has cut its target price to $1.61 from $1.80.
Barclays has upgraded NOL to equal-weight as its shares have fallen to a two-year low and are trading at 0.9 times its estimated 2011 price-to-book value.
Barclays has upgraded NOL to equal-weight as its shares have fallen to a two-year low and are trading at 0.9 times its estimated 2011 price-to-book value.
The brokerage also said it expects NOL’s second half earnings to be stronger than the preceding six months, driven by stronger freight rates due to a seasonal recovery in volumes and resilient demand.
However, Barclays has cut its 2011-2013 earnings per share estimates following worse-than-expected operating data so far this year, as fuel costs have risen 44% from a year ago.
“The largest risk is that the unfolding debt problems in Europe and the U.S. start to slow retail spending and container volume growth in the second half of 2011,” Barclays said in a report.
At 11:01 a.m., shares of NOL were 0.35% lower at $1.435, and have fallen about 34% since the start of the year.
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