Noble

Noble: Daiwa raises target price to $2.21 from $2.00 to factor in recent rise in shares of its peers. Does not expect strong 3Q10 net profit growth due to the challenging market conditions for soybean crushing in China, international dry-bulk shipping & spot iron-ore trade but sees good prospects from its energy-trading division from 4Q10. Notes Noble expanding energy trading team to cover various asset classes & stepping into lucrative market vacuum previously run by investment banks.