DBS Group Research analyst William Simadiputra has downgraded his “buy” call on First Resources to “hold”, with an unchanged target price of $1.83.
In a Nov 2 note, Simadiputra says First Resources’ share price performed well amid rising crude palm oil (CPO) prices. Its share price climbed 32% year-to-date, outperforming its plantation peers.
Despite this, Simadiputra believes further share price upside potential is limited, unless First Resources 2H21 earnings beat DBS’ expectations.
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