Noble: Morgan Stanley starts at Equalweight with $1.89 target. Positive on Noble's long-term prospects, given the role the company plays connecting suppliers and buyers of key commodities, and expertise in developing Asia, but sees limited immediate catalysts to drive the stock…
Notes soybean crushing margin recovering slowly as demand improving, while Noble's ramp-up of operations in oil & gas business could contribute to earnings from next year. But flags potential double-dip recession, any slowdown in China's economy as key risks since commodity prices, demand will weaken. Says at 2.5X P/B, 19X P/E, stock trades at premium to its 5-year averages.
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