SINGAPORE (March 31): CIMB is downgrading Super Group from “add” to “reduce” but raising its target price to 96 cents from 86 cents previously.

The brokerage argues that a recent surge in the share price of the food and beverage firm after its results has priced in any new positives, leaving “no room to remain bullish”.

Super's share price is up nearly 35% since it reported strong fourth quarter results.

“Take profit. We think that there will be a better time to come back to Super,” says CIMB.

As at 12.26pm, Super is down 2% to 98 cents compared to a 1% drop in the benchmark Straits Times Index.