KUALA LUMPUR (April 19): Kenanga Investment Bank Bhd analyst Ahmad Ramzani Ramli upgraded the recommendation on CIMB Group Holdings Bhd to outperform from market perform.

* Price target (PT) set to RM6.10, implies 20% increase. CIMB average PT is RM6.20.

* CIMB had 10 buys, 13 holds, 0 sells previously: Bloomberg data

* Analysts lowered their consensus one-year target price for the stock by 3.5 percent in the past three months. Forecasts range from RM5.20 to RM7.55. 

Performance Metrics

* Investors who followed the analyst's recommendation would have received a 6.7 percent return in the past year, compared with the negative 28 percent return on the shares. 

Catalysts and Recent events

* The next annual meeting is on Apr 22.