Reuters: Hot Stocks: STOCKS NEWS THAILAND-Citigroup downgrades Home Product to neutral

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STOCKS NEWS THAILAND-Citigroup downgrades Home Product to neutral May 9th 2012, 02:43 Tue May 8, 2012 10:43pm EDT Citigroup cut its rating on Home Product Center Pcl to neutral from buy, saying the stock appeared fully valued. The broker maintained a target price at 14 baht ($0.45). On Tuesday, Home Product shares ended up 0.7 percent at 14.2 baht. Home Product reported a 50 percent increase in January-March quarter net profit to 610 million baht ($19.68 million), driven by strong post-flood demand for materials to rebuild homes and lower corporate income tax. "Since early November, the stock has delivered about 50 percent return and achieved our target price. So we downgrade to neutral from buy," Citigroup said in a report. "Despite strong sales, gross margin, outlet growth and rising interest expense could cap earnings growth," it said.

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