Noble

Noble: Co. report its 4Q12 results tmw. JP Morgan maintains O/w and lifts TP to $1.50. House expect Noble to report (excluding profit on supply chain assets) 4Q12 / FY12 earnings will come in at US$106m / US$453m vs FY12 consensus estimate of US$495m (do note however that consensus ranges from US$378m to US$778m). While potential upside risk would be “stronger than expected” agriculture dollar margins, potential downside risk comes from “higher than expected” SG&A costs.