Riverstone upgraded to 'hold', target raised to $1.33 by CIMB

Stock Name: Riverstone
Company Name: RIVERSTONE HOLDINGS LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 1.33

SINGAPORE (May 6): CIMB has upgraded Riverstone Holdings to "hold" from "reduce" and raised its price target from $1.11 to $1.33, which is based on 14.9 times projected 2016 earnings.

The rubber-glove maker's 1Q2015 earnings were better than expected, driven by stronger gross margins of 31.6%, which got a boost from favourable foreign-exchange rates and lower raw material prices, CIMB analysts Roy Chen and William Tng pointed out in a note.