As Golden Agri-Resources’ results for FY2020 ended Dec 31 were unexpectedly lifted by strong crude palm oil (CPO) prices and a new Indonesian export levy structure, most analysts are now turning positive on the palm oil player.

CGS-CIMB Research has upgraded its rating for the stock to “hold” from “reduce” and raised its target price to 19.9 cents from 11.7 cents previously.

The brokerage has also increased its FY2021-FY2022 earnings forecasts for the company on the back of higher CPO price forecasts of US$721-US$670 per metric tonne and improved downstream margins.

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