KUALA LUMPUR (Oct 14): CIMB analyst Walter Aw upgraded the recommendation on Top Glove Corp Bhd to add from hold.

Aw raised the target price to RM6.90 from RM5.75, implying a 15 percent increase from the last regular trade. The target is 16 percent above the consensus average of MYR5.95 and is at the high end of forecasts ranging from RM5.15 to RM6.90.

Top Glove had 8 buy recommendations, 15 holds and 0 sells before today.

Investors who followed Aw's recommendation would have received an 11 percent return in the past year before today, compared with the 22 percent return on the shares.

In the past one year and four months, CIMB has rated Top Glove hold once, add twice and reduce once. The shares rose 9.5 percent in the period rated hold, fell an average 0.8 percent in the periods rated add and rose 12 percent in the period rated reduce.

Analysts raised their consensus one-year target price for the stock by 5 percent in the past three months. Forecasts range from RM5.15 to RM6.90.