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.