Noble: (S$0.325) Franklin emerges as substantial shareholder
Franklin Templeton became a substantial shareholder after acquiring 2.5m shares @ $0.285 in the open market on 27 Jan, raising its stake to 5.03% from 4.99%.
Separately a foreign broker initiated coverage on the counter last friday with a Buy and TP of $0.37, calling it "the bargain of the decade".
However with upside of just 14% to its TP, we find it far from being the bargain claimed.
While Noble surged 6.5% to a high of $0.33 in early trading, we opine that the counter may see a slight overhang in the near term as investors anticipate the upcoming fourth report by whistleblower Iceberg Research.
At the current price, Bloomberg consensus has 5 Buy and 6 Hold ratings on Noble, with an average TP of $0.57.
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