Thursday, October 7, 2010

Top Glove raised to 'buy' at Citigroup

Top Glove Corp, the world’s largest rubber-glove maker, was raised to “buy” from “hold” at Citigroup Inc because the recent slide in the shares has priced in the “negative” impact of the stronger ringgit and high latex prices on earnings.

The company’s outlook is expected to be better from the second quarter of its financial year 2011, Fiona Leong, an analyst at Citigroup, said in a report dated Oct. 6.

The share-price estimate was cut to RM6.70 from RM7.25. -- Bloomberg

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