Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-OCBC cuts Golden Agri target price

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STOCKS NEWS SINGAPORE-OCBC cuts Golden Agri target price Jun 14th 2012, 01:35 Wed Jun 13, 2012 9:35pm EDT OCBC Investment Research has cut its target price on shares of palm oil company Golden Agri-Resources Ltd to S$0.74 from S$0.77 and kept its buy rating, on expectations of lower crude palm oil (CPO) prices. By 0125 GMT, Golden Agri shares were down 1.5 percent, and have fallen nearly 10 percent so far this year, compared to the Straits Times Index's 5 percent gain. OCBC is lowering its CPO assumptions for this year to $925 per tonne from $1000 per tonne, citing ongoing uncertainty in the euro zone, sluggish economic growth in the United States and in China. The broker has cut its 2012 forecast for the company by 3 percent, as lower CPO prices will have a bigger impact on plantation owners such as Golden Agri. 0927 (0127 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:49 STOCKS NEWS SINGAPORE-Index futures down 0.7 pct Singapore index futures fell 0.7 percent, signalling a weak start for the benchmark Straits Times Index. Asian shares eased on Thursday as weak U.S. retail sales raised concerns about sluggish economic growth, while an Italian debt auction later will test market confidence in whether it can avoid becoming the next victim in the euro zone crisis. To read related story, click (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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