Morgan Joseph Downgrades Noble International (NOBL) to Hold

August 6, 2008 10:23 AM EDT
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Morgan Joseph downgrades Noble International (Nasdaq: NOBL) from Buy to Hold, noting North American light vehicle production remains weak.

The firm said, "During the first quarter, North American light vehicle sales were down 7.8% Y/Y with increasingly steeper declines from the Detroit "Big 3." Looking forward, we expect further deterioration in the outlook for North American automobile production. As a result of the anticipated declines, we expect margins to suffer due to the impact of fixed cost absorption. Furthermore, we expect to see more announcements related to rationalization of its North American manufacturing footprint. We have revised our EPS estimates downward and lowered our rating to Hold given the murky forecast."

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