NOL

NOL: Credit Suisse cuts TP to $1.50 from $1.60, based on 1.0X P/B from 1.1X previously, slightly below the historical mean of 1.1X, after meeting with management, but it keeps an Outperform call. While cautious regarding 4Q12 opacity, guidance for the current quarter matched house optimistic stance as general-rate-increases mgt corroborated other leading liners' views on 3Q12's probable earnings strength. Expects NOL will generate half of its FY12 earnings forecast in the period amid lower fuel costs, higher freight rates and falling SG&A. Continue to believe that NOL is repositioning itself on a multi-year basis, with the swinging changes to its cost base, the ownership structure of its fleet and its increased investment in related lower ROI businesses. It considers the stock undervalued on most valuation metrics, as it trades at less than 0.8X book and "within a nine iron" of global financial crisis lows.