Analysts bearish on Golden Agri after 1Q loss on weak downstream performance

SINGAPORE (May 15): Golden Agri-Resources’s poor 1Q FY20 results have prompted analysts to be bearish on the palm oil player.

This comes as the company reported a loss in contrast to analyst expectations of higher earnings. 

CGS-CIMB Research analysts Ivy Ng and Nagulan Ravi have downgraded the stock to a “reduce” rating from “hold” and lowered its target price to 11.7 cents from 21.4 cents previously.

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