KUALA LUMPUR (Jan 10): Morgan Stanley downgraded Malayan Banking Bhd (Maybank) shares to equal-weight from overweight while CIMB Group Holdings Bhd and Public Bank Bhd recommendations were revised downward to underweight from equal-weight, Bloomberg reported today.
Bloomberg, quoting Morgan Stanley analyst Nick Lord, reported that Morgan Stanley lowered its Maybank target price (TP) to RM9.70 from RM10.30.
"Analysts lowered their consensus one-year target price for the stock by 2.8% in the past three months. Forecasts range from RM8.70 to RM11.70," Bloomberg reported.
At Bursa Malaysia today, Maybank shares were traded unchanged at RM9.47 at 10:20am.
Bloomberg said Morgan Stanley cut its Public Bank TP to RM21.80 from RM21.90.
"Analysts raised their consensus one-year target price for the stock by 1.4% in the past three months. Forecasts range from RM19.80 to RM29.10," the newswire reported.
Bloomberg said CIMB had 12 buy, 11 hold, 0 sell calls previously.
"Analysts lowered their consensus one-year TP for the stock by 3.1% in the past three months," the newswire said.
At Bursa Malaysia today, Public Bank shares rose four sen to RM24.72 at 10:21am while CIMB climbed one sen to RM5.66.