Top Glove downgraded to market perform at Kenanga; price target RM4.70

KUALA LUMPUR (June 19): Kenanga Investment Bank Bhd analyst Raymond Choo downgraded the recommendation on Top Glove Corp Bhd to market perform from outperform.

* Price target (PT) lowered to RM4.70 from RM5.10, implies 3.1% decrease. Top Glove average PT is RM4.86.

* Top Glove had 11 buy, 8 holds, 3 sells previously: Bloomberg data

* Analysts lowered their consensus one-year target price for the stock by 9.6 percent in the past three months. Forecasts range from RM3.75 to RM6.80.

Performance Metrics

* Investors who followed Choo’s recommendation would have received a 22 percent return in the past year, compared with the negative 13 percent return on the shares.

* Top Glove reported earnings and sales that trailed estimates for the quarter on Jun 18.

Source: TheEdgeMarkets