KUALA LUMPUR (Dec 13): Macquarie analyst Aiman Mohamad downgraded the recommendation on Gamuda Bhd to underperform from outperform.

Mohamad lowered the target price to RM4 from RM5.90, implying a 18% decrease from the last regular trade. The target is 32% below the consensus average of RM5.86 and is at the low end of forecasts ranging from RM4 to RM6.75. Gamuda had 18 buy recommendations, 5 holds and 1 sell previously.

Investors who followed Mohamad's recommendation would have received a 5.4% return in the past year previously, the same as the company's performance.

Analysts raised their consensus one-year target price for the stock by 3.5% in the past six months. Forecasts range from RM4 to RM6.75.