KUALA LUMPUR (Aug 17): Lotte Chemical Titan Holding Bhd’s shares rose 4.15% in afternoon trade, after Citi analyst Horace Chan initiated coverage with a Buy recommendation.
 
As at 3.30pm, the petrochemical group’s share price was up 21 sen at RM5.27, with 8.94 million shares traded. It was the sixth top gainer on Bursa Malaysia.
 
In a report by Bloomberg, Chan predicted Lotte Chemical Titan to trade at RM6.1 within a year, implying a 21% increase from the last close.
 
The new target is 13% below the consensus average of RM6.99 and is at the low end of forecasts ranging from RM6.10 to RM7.85, the report said.
 
Analysts lowered their consensus one-year target price for the stock by 23% in the past three months, Bloomberg added.
 
Nomura has also initiated coverage on the stock, with a Buy call.
 
Lotte Chemical Titan Holding now has six Buy recommendations, with a target price range of between RM6.10 and RM7.85.