NOL

NOL: Goldman Sachs rates as Buy with $3 target. Notes NOL’s earnings recovery lagged behind its peers in 2010 because of relatively high exposure to Transpacific trade (50% of revenue), possibly leading to recent stock underperformance. But thinks market may be underestimating NOL’s operating leverage to higher rates, improved load factors; believes there is still room for further consensus upgrades, particularly for 2011 earnings estimates, which are apparently still too conservative.