Noble

Noble: UBS keeps Sell rating with TP $1.30. Sees further downside risk to consensus earnings estimates in the near term. Views Noble's partial divestment of its agri division as a step in the right direction, but believes this is already reflected in the share price. Further, the partnership with COFCO in itself is unlikely to result in a quick turnaround in volume and profit at the agri division , given the structurally challenging operating conditions in South America. OVerall, UBS sees payoff for Noble's investment in energy , MMO to take time, compounded by the fact the near term outlook for the energy division looks challenging given the weak coal price environment, arising from reduced volume growth on import controls into China and export restrictions out of Indonesia.