Hong Leong Bank Cut to Underperform at Credit Suisse
KUALA LUMPUR (Aug 25): Credit Suisse analyst Danny Goh downgraded the recommendation on Hong Leong Bank Bhd to underperform from neutral.
Goh raised the target price to 14.30 ringgit from 13.45 ringgit, implying an 7.7 percent decline from the last close.
The target is 6.7 percent below the consensus average of 15.32 ringgit. Hong Leong Bank had 8 buy recommendations, 9 holds and 1 sell before today.
Investors who followed Goh's recommendation missed out on the 22 percent return on the shares in the year before today.
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