Noble Group raised to "buy" from "hold" by OCBC; $1.31 target kept

Stock Name: Noble
Company Name: NOBLE GROUP LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 1.31

SINGAPORE (Nov 10): OCBC Investment Research has upgraded Noble Group to "buy" from "hold", saying the recent sharp falls in the supply chain manager's share price have been "overdone".

Noble's shares were hammered in September after Chinese sovereign wealth fund CIC cut its stake from almost 15% to 10%.

The stock fell further late last month. The company did not disclose any reason for the pullback.