KUALA LUMPUR (Dec 19): Hong Leong Investment Bank Bhd analyst Sheikh Abdullah upgraded the recommendation on Top Glove Corp. Bhd to buy from hold.
* Price target (PT) raised to RM6.26 from RM4.96, implies 16% increase. Top Glove average PT is RM5.57
* Top Glove had 7 buys, 8 holds, 6 sells previously: Bloomberg data
* Analysts raised their consensus one-year target price for the stock by 14 percent in the past three months. Forecasts range from RM4.45 to RM6.80.
Performance Metrics
* Investors who followed Abdullah's recommendation would have received a 23 percent return in the past year, compared with the 60 percent return on the shares.
* Top Glove reported earnings that trailed and sales that topped estimates for the quarter on Dec 17.