Top Glove upgraded to buy at Maybank

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KUALA LUMPUR (June 19): Maybank Kim Eng analyst Lee Yen Ling upgraded the recommendation on Top Glove Corp Bhd to buy from hold.

* Price target (PT) raised to RM12.90 from RM9.85, implies 13% increase. Top Glove average PT is RM10.81

* Top Glove had 11 buy, 6 holds, 4 sells previously: Bloomberg data

* Analysts raised their consensus one-year target price for the stock by 8.3 percent in the past three months. Forecasts range from RM8 to RM12.90.
 
Performance Metrics

* Investors who followed the analyst's recommendation would have received a 17 percent return in the past year, compared with the 107 percent return on the shares.
 
* In the past seven years and eight months, Maybank has rated Top Glove hold nine times, buy six times and sell six times. 

* The shares rose an average 11 percent in the periods rated hold, rose an average 24 percent in the periods rated buy and fell an average 5.9 percent in the periods rated sell.