Axiata upgraded to outperform at Macquarie

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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.

Performance Metrics

* 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.