DJ May Just be a Stock Pause for Robam Appliances -- Market Talk
0353 GMT - Daiwa has upgraded Hangzhou Robam Appliances to outperform following the Chinese firm's 4Q and 1Q results on Wednesday, with last quarter seeing "accelerated growth in its project channels" and benefits from falling raw-material prices. As the investment bank anticipates improvement in China's property market, "we are more optimistic on Robam's sales outlook." Daiwa's profit forecasts also rise 6-7% through next year on higher sales and margin assumptions while the stock target climbs 55% to CNY32.50. Shares finished the morning at CNY28.98, falling 2.1% to put this week's pullback at 10%. They're still up 44% for the year after 2018's 58% plunge. (kevin.kingsbury@wsj.com; @kevinkingsbury)
(END) Dow Jones Newswires
April 25, 2019 23:53 ET (03:53 GMT)
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