KUALA LUMPUR (July 23): KAF Seagroatt & Campbell analyst Shafiq Kadir has downgraded the recommendation on Telekom Malaysia Bhd (TM) to hold from buy, Bloomberg reported today.

Bloomberg reported that KAF Seagroatt & Campbell's target price for TM was lowered to RM4.80 from RM5.

"Analysts raised their consensus one-year target price for the stock by 35% in the past three months. Forecasts range from RM2.40 to RM5.20.

"Investors who followed Shafiq's recommendation would have received a 27% return in the past year, compared with the 21% return on the shares," it said.