JPMorgan upgrades Bumi Armada to neutral; price target 29 sen

-A +A

(April 25): J.P. Morgan analyst Ajay Mirchandani upgraded the recommendation on Bumi Armada Bhd to neutral from underweight.

* Price target (PT) raised to 29 sen from 11 sen, implies 7.4% increase from last close. Bumi Armada average PT is 19 sen.

* Bumi Armada had two buys, six holds, seven sells previously: Bloomberg data.

* Analysts lowered their consensus one-year target price for the stock by 47% in the past three months. Forecasts range from 9 sen to 52 sen.

Performance Metrics

* Investors who followed Mirchandani's recommendation would have received a 62% return in the past year, compared with the negative 76% return on the shares.

* In the past six years and one month, JPMorgan has rated Bumi Armada underweight once, neutral twice and overweight once.

* The shares fell 49% in the period rated underweight, fell an average 36% in the periods rated neutral and fell 6.5% in the period rated overweight.