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

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STOCKS NEWS SINGAPORE-OCBC raises Golden Agri target price Jul 4th 2012, 01:25 Tue Jul 3, 2012 9:25pm EDT OCBC Investment Research raised its target price for palm oil firm Golden Agri-Resources Ltd to S$0.81 from S$0.74 and kept its 'buy' rating, citing a possible recovery in crude palm oil (CPO) prices. By 0114 GMT, Golden Agri shares were flat at S$0.72, and have gained 0.7 percent since the start of the year, underperforming the benchmark Straits Times Index's 12 percent rise. Golden Agri, the second largest palm oil plantation owner in the world, stands to benefit from a rebound in CPO prices, OCBC said. "We believe that a recovery of CPO prices is likely, given the concerns over the impact of a prolonged drought in the U.S. mid-west, affecting the potential supply of soybean crop," OCBC said in a report. Soybean and CPO prices have a strong correlation of 0.85, indicating that CPO prices will likely mirror a rise in soybean prices, it added.

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