Maybank upgrades Top Glove to buy

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KUALA LUMPUR (Sept 14): Maybank Kim Eng analyst Yen Ling Lee upgraded the recommendation on Top Glove Corp Bhd to buy from hold.

Lee predicted Top Glove will trade at RM6.20 within a year, implying a 16% increase from the last close. The target is 8% above the consensus average of RM5.74.

Top Glove had 7 buy recommendations and 16 holds before today.

Investors who followed Lee's recommendation would have received a 11% return in the past year before today, compared with the 18% return on the shares.

In the past six years and 11 months, Maybank has rated Top Glove hold eight times, buy five times and sell six times. The shares rose an average 2.1 percent in the periods rated hold, rose an average 26% in the periods rated buy and fell an average 5.9% in the periods rated sell.

Analysts raised their consensus one-year target price for the stock by 5.6% in the past three months. Forecasts range from RM5.15 to RM6.50

Lee covers 8 companies; 3 are rated buy and 5 are rated hold.