Noble

Noble: SocGen is warning of more turbulence in the metals and mining sector as it does not expect China's activity to rebound in 2H12. Firm also cites ongoing concerns in EU and possible uncertainty emerging later this year in US. It reduces steel price estimates for 2012-2016, expects structurally low margins to prolong investor uncertainty. Metals, minerals and ore contribute about 16% of Noble’s group revenue and 14% of its gross profit. The stock has plunged some 26% from its $1.53 high this year and most research houses (81%) are calling a buy on valuation grounds with a consensus price target of $1.53.