Reuters: Hot Stocks: STOCKS NEWS THAILAND-CIMB cuts price target for Thai Oil

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STOCKS NEWS THAILAND-CIMB cuts price target for Thai Oil Jul 9th 2012, 02:34 Sun Jul 8, 2012 10:34pm EDT CIMB Research cut its target price for Thai Oil Pcl to 69 baht ($2.18) from 76 baht and downgraded its rating on the country's biggest refiner to 'neutral' from 'outperform', reflecting the impact of oil price volatility on earnings. Thai Oil shares closed down 2.1 percent at 59.50 baht on Friday. "Thai Oil's earnings visibility is now deteriorating and its quarterly earnings volatility will increase sharply given higher inventory and the choppy oil price trend. Its core earnings of refinery and aromatics are stagnant as demand outlook remains bleak," the broker said in a report. The broker said it cut 2012-14 earnings forecasts by 5-18 percent to reflect a weak outlook of gross refinery margin. (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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