KUALA LUMPUR (Jan 25): J.P. Morgan analyst Harsh Wardhan Modi upgraded the recommendation on Malayan Banking Bhd (Maybank) to overweight from neutral.

Modi raised the target price to RM11 from RM9.80, implying an 11 percent increase from the last regular trade. The target is 11 percent above the consensus average of RM9.89. Maybank had 9 buy recommendations, 12 holds and 1 sell previously.

Investors who followed Modi's recommendation would have received a negative 21 percent return in the past year, compared with the 26 percent return on the shares.

Analysts raised their consensus one-year target price for the stock by 1.6 percent in the past six months. Forecasts range from RM8.40 to RM11.40.