DMG ups Indofood Agri price target to $2.42

Stock Name: IndoAgri
Company Name: INDOFOOD AGRI RESOURCES LTD.

Research House: DMG

Price Call: BUY

Target Price: 2.42

DMG & Partners Securities raised its share price target for Singapore-listed palm oil firm Indofood Agri Resources to $2.42 from $1.93 while keeping its buy rating unchanged.

IFAR has a quarter of a million hectares of oil palm estates and refineries in Indonesia, the world's largest palm oil producer. It also has rubber plantations and sugar mills in the Southeast Asian country.

By 10:54 a.m., IFAR shares were up 1.3% at $1.615. Its share price has risen 26% since the start of the year.