Noble: Nomura maintains Buy with TP $2.75. House prefers Noble over Glencore on higher growth, more supply chain and agriculutral/energy exposure. Believe Glencore's valuations have been a bit of overhang on Noble lately, which is unjustified as Glencore is more of a miner and its supply chain is trading in line or at a minor discount to Noble….
Add that Glencore is metals, oil and coal while Noble is Agri and Energy and Noble would be driven by expanding midstream assets complementing marketing activities.
Commodity price volatility warrants balance sheet strength and this merits a premium.
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