Friday 29 Mar 2024
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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.
 

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