Deutsche Bank lowers S'pore palm stock target prices on back of cuts to CPO price forecasts. Says, "our increasingly bearish outlook for crude oil prices suggests that while biodiesel demand is likely to grow, it may not provide much price-related respite as an abundant CPO inventory may need more discounts to stimulate biofuel demand."
Cuts Wilmar target to $3.60 from $4.00; maintains Buy rating. Cuts Golden Agri target to $0.14 from $0.16; maintains Sell rating. Cuts Indofood Agri target to $0.43 from $0.47; maintains Hold rating. Cuts First Resources target to $0.22 from $0.25; maintains Hold rating.
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