KUALA LUMPUR (Oct 15): Public Investment Bank Bhd upgraded Felda Global Ventures Holdings Bhd (FGV) shares to "trading buy" in anticipation of a short-term rebound after the stock's decline.
The downgrades comes with an unchanged RM4.22 target price for oil palm plantation group FGV.
In a note today, Public Investment said FGV’s share price had declined more than 11% over the last one month. This compared to the 10% gain in crude palm oil prices.
"We think investors should consider taking advantage of the recent poor market sentiment and accumulate shares of FGV given that it has weakened to unjustifiably low levels," Public Investment said.