AmResearch raised its target price on Top Glove Corp Bhd to RM6.50 per share from RM6.30, after the world's largest rubber glove maker by volume reported earnings for the financial year ended Aug. 31 that beat market estimates.
"The improved operating environment enabled most of Top Glove's increase in revenue to filter down to its bottom line," the research house said in a note on Friday.
AmResearch maintained a "buy" on the counter, saying the company's portfolio mix of 80:20 (natural:synthetic rubber) places it in an attractive position to reap the benefits of stable latex prices amid resilient demand.
Shares of Top Glove rose 1.17 percent to RM5.21, while the broader index dropped 0.1 percent. -- Reuters