CIMB Research upgraded Singapore-listed commodity trading firm Noble Group to neutral from underperform and raised its target price to $1.43 from $0.99, reported Reuters.
By 11:36 p.m., shares of Noble were little changed at $1.495, and have gained about 32&% since the start of the year.
CIMB said it has upgraded Noble, as improving leading economic indicators suggest global economies have averted a recession.
The brokerage expects Noble to return to profitability in the fourth quarter, and estimates the company will report a net profit of US$82.6 million ($103.6 million).
However, CIMB cautioned that Noble’s share price rally has run ahead of its fundamentals and said investors should wait for a pullback before buying its shares.
Monday, February 20, 2012
Noble Group upgraded to neutral by CIMB
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment