Top Glove downgraded to neutral at Macquarie

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KUALA LUMPUR (June 20): Macquarie analyst Denise Soon downgraded the recommendation on Top Glove Corp Bhd to neutral from outperform.

* Price target (PT) raised to RM11.76 from RM11.48. Top Glove average PT is RM10.80

* Top Glove had 12 buys, 5 holds, 4 sells previously: Bloomberg data

* Analysts raised their consensus one-year target price for the stock by 8.2 percent in the past three months. Forecasts range from RM7.84 to RM13.30. 

Performance Metrics

* Investors who followed Soon's recommendation would have received a 72 percent return in the past year, compared with the 110 percent return on the shares.
* In the past one year and three months, Macquarie has rated Top Glove outperform once and neutral once. 

* The shares rose 70 percent in the period rated outperform and rose 29 percent in the period rated neutral.