Noble: Counter is up 11.7% today, taking its two day return to ~28%, with The Business Times reporting that a potential overhaul of Noble’s metals unit may help the beaten-down stock regain a little of its former lustre, drawing reference to media reports that the group is intending to cut down on its zinc and copper trading to focus on aluminium and alumina.
Some analysts are highlighting that recent management departures suggests that Noble is shifting away from some businesses which are unlikely to perform well over the next few years.
Still, Noble is the worst performing stock on the STI this year, down ~55% year-to-date, following damaging reports by Iceberg Research and short-seller Muddy Waters, which questioned the group’s accounting policies.
Noble currently trades at 0.5x P/B.
The street has 5 Buy, 7 Hold and 1 Sell ratings with a consensus TP of $0.74, representing ~45% upside from current price.
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