KUALA LUMPUR (Feb 27): Macquarie analyst Prem Jearajasingam upgraded the recommendation on Axiata Group Bhd to outperform from neutral.
* Price target raised to RM6.45 from RM5.14, implies 15% increase from last close. Axiata average price target is RM5.69
* Axiata had 9 buys, 16 holds, 2 sells previously
* Analysts raised their consensus one-year target price for the stock by 6.4 percent in the past three months. Forecasts range from RM4 to RM7.
* Investors who followed Jearajasingam's recommendation received a 0 percent return in the past year, compared with a 32 percent return on the shares.
* In the past nine years and nine months, Macquarie has rated Axiata neutral three times and outperform three times.
* The shares rose an average 39 percent in the periods rated neutral and rose an average 6.9 percent in the periods rated outperform.
* Axiata reported earnings that trailed and sales that topped estimates for the quarter on Feb 22.