KUALA LUMPUR (June 13): J.P. Morgan analyst Harsh Wardhan Modi downgraded the recommendation on CIMB Group Holdings Bhd to underweight from overweight.
* Price target (PT) lowered to RM5.50 from RM8.55. CIMB average PT is RM7.30
* CIMB had 17 buys, 6 holds, 0 sells previously: Bloomberg data
* Analysts lowered their consensus one-year target price for the stock by 3.6 percent in the past three months. Forecasts range from RM5.50 to RM8.86.
Performance Metrics
* Investors who followed Modi's recommendation would have received a 1.2 percent return in the past year, compared with the negative 4 percent return on the shares.
* CIMB reported earnings that trailed estimates for the quarter on May 30.