KUALA LUMPUR (Nov 11): HSBC analyst Parash Jain upgraded the recommendation on Westports Holdings Bhd to hold from reduce.

Jain raised the target price to RM3.90 from RM3.30, implying a 6.3 percent increase from the last regular trade. The target is 2.5 percent above the consensus average of MYR3.81. Westports had 2 buy recommendations, 13 holds and 3 sells previously.

Investors who followed Jain's recommendation would have received a 7.1 percent return in the past year previously, compared with the negative 11 percent return on the shares.

In the past three years and 11 months, HSBC has rated Westports reduce twice, hold once, neutral twice and underweight once. The shares fell an average 5.2 percent in the periods rated reduce, fell 5.2 percent in the period rated hold, rose an average 35 percent in the periods rated neutral and rose 0.8 percent in the period rated underweight.

Analysts lowered their consensus one-year target price for the stock by 6.9 percent in the past six months. Forecasts range from RM2.77 to RM4.20.