JPMorgan has raised its share price target for Singapore palm oil firm First Resources to $2.20 from $2.10 and kept its overweight rating, citing strong production growth and expansion into the refining business.
By 3:00 p.m., shares of First Resources were 0.3% higher at $1.925. They have gained 27.5% so far this year.
By 3:00 p.m., shares of First Resources were 0.3% higher at $1.925. They have gained 27.5% so far this year.
The broker also raised its 2012 and 2013 earnings estimates for First Resources by 16 and 24% respectively, adding that the company remains one of its top picks for the sector.
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