Super Group downgraded to 'reduce', target cut to $1.10 by CIMB

Stock Name: Super Group
Company Name: SUPER GROUP LTD.

Research House: CIMB

Price Call: SELL

Target Price: 1.10

SINGAPORE (May 13): CIMB has downgraded Super Group to "reduce" from "hold" and lowered its price target to $1.10 from $1.25, saying investors have been "overly buoyant" given the stock's run-up in recent months.

Shares of the instant beverage maker have gone from their 52-week low of $1.04 last November to as high as $1.54 this year after it showed signs of a business recovery in the quarter ended Dec 31.

The revised target reflects a 12% cut to its earnings per share estimates for FY2015 and FY2016.