Janney Montgomery Scott Downgrades Noble International Ltd. (NOBL) to Neutral

November 6, 2008 2:47 PM EST

Janney Montgomery Scott downgrades Noble International Ltd. (Nasdaq: NOBL) from Buy to Neutral.

Janney analyst says, "In light of significant lower automotive OEM production volumes, the company will be not only incurring an operating loss in fourth quarter 2008 but also recognizing charges related to impairment of the value of long-lived assets and capacity reduction. The company has faced an abrupt fall-off in end market demand, which is anticipated to continue through 2009. However, the company offers a strong vale proposition to its OEM customer base. With its business resized to operate at lower OEM production levels, Noble is a strong free cash flow business capable of generating high return...Based on an uncertain outlook for the global automotive market for the balance of 2008 and 2009, we are reducing our fiscal 2008 EPS estimate to a loss per share of $0.72 from EPS of $0.44 and 2009 estimate to a loss per share of $0.65 from EPS of $0.55."

Noble International, Ltd. (Noble) is a provider of 21st Century Auto Body Solutions primarily to the automotive industry.

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