CITI has kept its "buy" rating on commodities trading firm Noble Group, though its target price has been cut from S$1.48 to S$1.31.
This was due to return on equity assumptions being trimmed from 13 per cent to 11 per cent.
The report also examined fair value details disclosed in Noble's 2014 annual report.
"While activities such as long commodity and short future hedges, contango cash/carry and offtake/supply agreements all generate fair value, long-term offtake agreements likely make up a smaller portion of its fair value," said Citi analyst Patrick Yau.
Noble shares closed at S$0.935 on Tuesday, up half a cent.