Noble: HSBC initiates Overweight with $2.58 target for over 30% potential return. Views the company as a global leader in industrial & agri commodity trading & likes its strategy of increasing asset intensity upstream & midstream to capture a wider margin profile & build supply security. Expects 1H 2010 disappointment to turn around as front-loaded costs start to generate returns. Believes that both consensus forecasts & valuations are lagging above-peer growth.
Stock still off 4¢ to $1.95; support at $1.90.
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