Company Name: NOBLE GROUP LIMITED
| Research House: Deutsche Bank | Price Call: BUY | Target Price: 1.60 |
Several brokers upgraded their ratings on Noble Group, citing an improved outlook after the Singapore-listed commodities company posted its first-quarter results.
Noble shares were down 0.9% at $1.16 at 10:36 a.m., but have gained 2.2% so far this year.
CIMB Research said a strong rebound in Noble’s energy and metals, minerals and ores segment more than offset seasonal weakness from its agricultural division in its first quarter.
Noble will be a beneficiary of improving economies and new Chief Executive Yusuf Alireza brings a renewed focus on profits, CIMB added. It upgraded Noble to “outperform” from “trading buy” and raised its price target to $1.42 from $1.40.
DMG & Partners Securities said it was positive on Noble on the back of increased confidence in its earnings outlook, stronger performance from sugar with the April-December production cycle and potentially better crushing margins in China.
The broker upgraded Noble to “buy” from “neutral” and lifted its price target to $1.60 from $1.30.
Noble posted a 46% fall in first-quarter net profit on Thursday, dragged down by losses on supply chain assets.
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