Golden Agri-Resources upgraded to "buy" by UOB Kay Hian

Stock Name: Golden Agri-Res
Company Name: GOLDEN AGRI-RESOURCES LTD

Research House: UOB KayHian

Price Call: BUY

Target Price: 0.48

SINGAPORE (March 2): UOB Kay Hian has upgraded Golden Agri-Resources to "buy" from "hold", citing increased potential upside to its unchanged price target of 48 cents following the stock's recent pullback.

While the palm oil producer's downstream business remains challenging, its upstream business should drive earnings this year, with fresh fruit bunch production forecast to rise 4% to 6%, according to UOB Kay Hian analyst Chan Yuan She.