Stock Upgraded: UOB price target of 17 by CIMB-GK!

CIMB-GK Research has upgraded its rating on United Overseas Bank Ltd to "outperform" from "neutral" and maintained its target price for the lender at 17.00 sgd, citing the recent weakness in the stock price. "UOB was downgraded on valuation grounds post-results. Since then, the share price has underperformed, retreating 9 pct," CIMB-GK analyst Kenneth Ng said in a note. "While our target price is unchanged, potential upside is bigger now and we upgrade UOB from neutral to outperform," he said. At 11.41 am, UOB was down 0.10 sgd or 0.66 pct at 15.00 on volume of 3.16 mln shares.