MIDF Research upgrades Globetronics to Buy, ups target to RM7.05

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KUALA LUMPUR (April 29): MIDF Research has upgraded Globetronics Technology Bhd to “Buy” (from Neutral) at RM6.09 with a higher target price of RM7.05 (from RM5.45) and said the company’s earnings came in within house and consensus estimates.

In a note today, the research house said the stellar performance was from the company’s Singapore segment.

Globetronics declared 8 sen dividend in 1Q15.

“Upgrade to Buy with revised target price of RM7.05,” said MIDF Research.

At 9.21am, Globetronics rose 0.49% or 3 sen to RM6.12 with 22,300 shares traded.