Noble Grp: UBS upgrades to Buy from Neutral, raises TP to $2.70 from $2.10 after tweaking assumptions in discounted cashflow valuation. Note that Fed's QE2 could lend momentum to commodity supply chain manager's earnings, which should lead to strong capital flows to emerging markets and reinforce commodity-intensive growth, thereby incentivising commodity prices and trade-volume growth….
Expect improved margins for Noble's Chinese soybean crushing business in 3Q10 to continue through 4Q10, while coal and oil prices could rise further due to winter demand from northern hemisphere.
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