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JPMorgan downgrades Indonesia's Gresik, cuts price

Tue May 6, 2008 10:01pm EDT

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JAKARTA, May 7 (Reuters) - JPMorgan said on Wednesday it had downgraded Indonesia's largest cement maker, PT Semen Gresik Tbk (SMGR.JK), to neutral from overweight and reduced its target price to 5,200 rupiah a share from 6,800 rupiah.

The brokerage said the government's plan to raise subsidised fuel prices, which could lead to rising interest rates and weaker consumer spending, was a factor in its decision. (Reporting by Harry Suhartono, editing by Sugita Katyal)



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