Noble

Noble: Macquarie cuts target to $2.25 from $2.50, maintains recommendation at Outperform. Trims FY 2010 profit estimate by 12% to reflect 5.0% fall in overall volume assumptions on difficulties in soy crushing, ores and steel and higher expenses in energy unit. Says Noble lacks near-term catalysts although enhanced earnings contributions from its large portfolio of assets should be the next catalyst for FY11. 2Q results due Thursday.