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MIDF Research has downgraded Top Glove Corp Bhd, the world's largest rubber glove maker, to 'neutral' from 'buy' as it sees a limited upside following the strengthening of the company's shares recently.
The stock has gained 12.8 percent since the beginning of the year, according to data by Thomson Reuters, with eight 'buy' recommendations and one 'sell'.
MIDF, in a report on Friday, said Top Glove's net earnings for the nine months ended May 31 fell below expectations, as the company lowered its product prices. The brokerage maintained its target price of 6.05 ringgit for Top Glove.
Shares of the company were down 1.26 percent to 6.26 ringgit while the benchmark index was up 0.67 percent at 9.17 am (0117 GMT).
0920 (0120 GMT) (Reporting by Al-Zaquan Amer Hamzah; Editing by Sunil Nair)