KUALA LUMPUR (Aug 29): HSBC analyst Piyush Choudhary downgraded the recommendation on Telekom Malaysia Bhd (TM) to reduce from hold, Bloomberg reported.

Bloomberg reported that HSBC raised its TM target price to RM3.60 from RM2.90. TM's average target price is RM3.97, Bloomberg reported.

"Telekom Malaysia reported earnings that trailed and sales that topped estimates for the quarter on Aug 28. 

"Analysts raised their consensus one-year target price for the stock by 31% in the past three months. Forecasts range from RM2.40 to RM5, Bloomberg reported.

In the past two years and seven months, HSBC rated TM hold twice and reduce once, Bloomberg reported.