SINGAPORE (Nov 6): Logistics and supply chain firm CWT is up 3.3% to $2.02 a share after reporting its quarterly financial performance on Thursday evening, prompting an upgrade by CIMB.

The brokerage raises its rating to “hold” from “reduce”, with a target price of $1.98 a share, noting that core earnings-per-share were slightly above its estimates due to higher contributions from the firm's financial services segment.

CIMB's view of the company is boosted by the possibility of a buyout, which the brokerage says has supported CWT's share price recently since such a transaction could value the firm at $2.54 a share.

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