Stock Name: Goodpack
Company Name: GOODPACK LIMITED
Company Name: GOODPACK LIMITED
| Research House: OCBC | Price Call: SELL | Target Price: 1.70 |
OCBC Investment Research downgraded its rating on logistics company, Goodpack , to sell from buy, citing a sharp rise following a deal with General Motors.
While the deal was a catalyst for the group, OCBC said an almost one third increase in Goodpack’s market value following the announcement this month seemed overdone.
“Any revenue contribution from this deal will not be material in fiscal year 2012,” the brokerage said and retained its price target at $1.70.
On Wednesday, Goodpack’s shares surged to the highest level since June and were down 2.7% on Thursday.
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