Noble Group: Goldman Sachs initiates a Buy with a $2.60 target price, implying 15.3x FY11 P/E. Highlights commodity player could benefit from a strong 2011 macro outlook as pro-cyclical commodities like coal, oil & metals are expected to account for 60% of next year's earnings. Expects oil & gas volumes to get a boost from recent acqn of Semfuel & Northville oil storage & distribution assets. Tips recently-acquired US-based Sempra Energy could also start contributing from 2011.
Adds valuations are attractive with the stock trading at 12.8x FY11 P/E, lowest among its Spore peers.
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