Noble

Noble: CIMB downgrades Noble to U/p and slash TP to $1.05. House think that Noble will face an increasingly uphill task delivering profit growth in the near term. Its peers Alcoa and Cargill have already been derailed by economic turbulence, implying negative outlook for Noble. With a recession firmly on the cards, Noble is unlikely to escape the contagion. House trim FY11-13 EPS by 5%-7% and lower P/E to 7x.