Bumi Armada downgraded to neutral at Macquarie

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KUALA LUMPUR (Sept 3): Macquarie analyst Ben Shane Lim downgraded the recommendation on Bumi Armada Bhd to neutral from outperform.

* Price target (PT) lowered to 57 sen from 89 sen, implies 5.6% increase from
last close. Bumi Armada average PT is 67 sen.

* Bumi Armada had 9 buys, 6 holds, 2 sells previously: Bloomberg data

* Analysts lowered their consensus one-year target price for the stock by 32 percent in the past three months. Forecasts range from 40 sen to 95 sen. 

Performance Metrics

* In the past, Macquarie has rated Bumi Armada outperform once and neutral once.

* The shares fell 26 percent in the period rated outperform and fell 12 percent in the period rated neutral.