BAT Malaysia raised to outperform at Credit Suisse

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KUALA LUMPUR (July 21): Credit Suisse analyst Joanna Cheah upgraded the recommendation on British American Tobacco Malaysia Bhd to outperform from neutral.

Cheah lowered the target price to 49.50 ringgit from 49.90 ringgit, implying a 13 percent increase from the last close. The target is 10 percent above the consensus average of 45 ringgit. BAT Malaysia had 3 buy recommendations, 9 holds and 7 sells before today.

Investors who followed Cheah's recommendation would have received a 1.8 percent return in the past year before today, compared with the negative 16 percent return on the shares.

In the past one year and four months, Credit Suisse has rated BAT Malaysia neutral once and outperform once. The shares fell 22 percent in the period rated neutral and fell 2.7 percent in the period rated outperform.

Analysts lowered their consensus one-year target price for the stock by 8.5 percent in the past three months. Forecasts range from 34.80 ringgit to 56.50 ringgit.

Cheah covers 14 companies; 3 are rated underperform, 5 are rated outperform and 6 are rated neutral.