FirstRes - First Resources cut to Hold by DBS Vickers; $1.28 target

Stock Name: FirstRes
Company Name: FIRST RESOURCES LIMITED
Research House: DBS Vickers

DBS Vickers downgrades First Resources (EB5.SG) to Hold from Buy on limited upside to target price, which house lowers to $1.28 vs $1.35, says Dow Jones.



Target change follows 10.5% reduction in fresh fruit bunch volume estimates for both FY10-11 to reflect lower-than-expected output in 1H10.



“We believe any further strength should provide an opportunity to take profit, as we believe the forthcoming seasonal palm oil volume recovery in 4Q10 should ease current CPO price strength,” says DBS Vickers.



Shares off 3.4% at $1.13.