Kenanga IB upgrades AMMB to outperform; price target RM4.95

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(Feb 22): Kenanga Investment Bank Bhd (Kenanga IB) analyst Ahmad Ramzani Ramli upgraded the recommendation on Ammb Holdings Bhd to outperform from market perform.

* Price target (PT) raised to RM4.95 from RM4.50, implies 7.8% increase. AMMB Holdings average PT is RM4.66.

* AMMB Holdings had eight buys, eight holds, three sells previously: Bloomberg data.

* Analysts raised their consensus one-year target price for the stock by 7.8% in the past three months. Forecasts range from RM3.70 to RM5.30.

Performance Metrics

* Investors who followed Ahmad Ramzani's recommendation would have received a negative 5.1% return in the past year, compared with the 1.9% return on the shares.