Noble Energy Inc - Ordinary Shares NBL

Recommendations for February 23, 2007 - Concorde

[investorbling]

Concorde

Fording Canadian Coal Trust | Gary Lampard, FDG.UN : TSX : C$27.39 | C$4,026.3M | Sell , Target C$18.50

• Distribution cuts likely for 2007; Downgrading estimates

Aurelian Resources Inc. | Graeme Currie, ARU : TSX-V : C$29.33 | C$997.2M | Speculative Buy , Target C$50.50

• Further assays reported from the FDN zone

Western Canadian Coal | Gary Lampard, WTN : TSX : C$1.85 | C$165.2M | Buy , Target C$2.35

• Wolverine ramping up now!

Noble Energy | Irene Haas, NBL : NYSE : US$58.69 | US$10,173.0M | Buy , Target US$67.00 ↑

• Equatorial Guinea exploration drilling to start

PrimeWest Energy Trust | Bruce McDonald, PWI.UN : TSX : C$23.05 | C$2,067.0M | Buy , Target C$25.00 ↑

• Q4 results in line, no changes to 2007 guidance, strong year-end 2006 reserve results; Raising target price to C$25.00

Enerplus Resources Fund | Bruce McDonald, ERF.UN : TSX : C$50.40 | C$6,206.8M | Buy , Target C$52.00

• Q4 results above expectations, no change in 2007 guidance

Inter Pipeline Fund | Bob Hastings, IPL.UN : TSX : C$9.05 | C$1,825.4M | Hold , Target C$8.75

• Distributable cash flow below expectations; all divisions operating well, but operating expenses and sustaining capex higher than anticipated

Vault Energy Trust | Bruce McDonald, VNG.UN : TSX : C$5.17 | C$198.0M | Buy , Target C$6.00

• Assets appear to have stabilized - remains one of our top consolidation picks

Axia NetMedia Corp. | David Lambert, AXX : TSX : C$5.26 | C$347.7M | Buy , Target C$7.00 ↑

• Axia's value added services could be underestimated

Universal Electronics | Steven B. Frankel, CFA, UEIC : NNM : US$22.54 | US$323.6M | Buy , Target US$27.00 ↑

• Reports another solid quarter

Dot Hill Systems | Mark Kelleher, HILL : NNM : US$3.76 | 169.2M | Hold

• Q4 report: Large hill to climb

BEA Systems Inc. | Peter Misek, BEAS : NNM : US$13.20 | US$5,474.4M | Buy , Target US$18.00

• Q4 a mixed bag: AquaLogic strength offset by pockets of weakness in Asia and with WebLogic

Endologix | Matthew Scalo, ELGX : NNM : US$4.59 | US$195.7M | Buy , Target US$8.00

• Good Q4; momentum builds and catalysts expected in 2007

Spectranetics | Matthew Scalo, SPNC : NNM : US$10.85 | 334.3M | Hold

• TURBO Booster and ramp in profitability pushed out

Legacy Hotels REIT | Jonathan Kelcher, LGY.UN : TSX : C$10.90 | C$1,216.0M | Hold , Target C$11.00 ↑

• Q4 results light but industry fundamentals strengthening; Increasing target price to C$11.00

Herbalife | Scott Van Winkle, CFA, HLF : NYSE : US$37.51 | US$2,785.4M | Buy , Target US$48.00

• Q4 report won't drive stock

SunOpta | Scott Van Winkle, CFA, STKL : NNM : US$10.47 | US$608.3M | Buy , Target US$12.50

• Quite a healthy Q4 with in-line pro forma EPS

Stantec Inc. | Sara Elford, STN : TSX : C$28.14 | C$1,271.9M | Buy , Target C$33.00 ↑

• 2006 results beat expectations, outlook still strong, raising target to C$33.00

Interface | Eric Glover, CFA, IFSIA : NNM : US$16.46 | US$1,005.0M | Buy , Target US$22.00

• Raising estimates following strong Q4 earnings