Company Name: OLAM INTERNATIONAL LIMITED
Research House: DBS Vickers
Shares of commodities firm Olam International <OLAM.SI> rose as much as 3.1% on Friday at after DBS Vickers raised its target price to $3.60 from $3.30 and maintained its “buy” rating.
At 10:23 a.m., Olam shares were trading at $3.30 on a volume of 5.7 million shares.
“It’s because of the DBS report. Olam has made a lof of acquisitions so that will help its growth. And recently all the commodity counters have been doing quite well because of the commodity prices,” said a local trader.
DBS raised its earnings estimates by 19% for Olam’s 2011 financial year and by 4% for 2012 to account for stronger contributions from the firm’s newly acquired assets.
The brokerage added that it expects Olam’s strong earnings growth momentum to continue over the next three years.
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