Noble: CS maintains Outperform & increases TP to $2.60 from 2.55. Expect grp to be one of the most leveraged towards a global macro recovery, given its broad bulk commodities portfolio, and upstream energy assets. Cite that valuations are still undemanding, with limited earnings risk with China’s efforts to curb inflation….
With 4Q agriculture margins locked in, see further normalisation of SGA expenses to boost earnings. Tip Noble to utilise its strong balance sheet with further M&A traction. Raise earnings estimates by 4% on higher coal prices and see a stronger 4Q and 42% EPS growth in FY11.
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