Singapore Hot Stocks-NOL rises to 3-mth high after strong Q1

SINGAPORE, May 15 rose as much as 5.3 percent to a near three-month high a day after its first-quarter earnings almost tripled.

It rose up to S$3.96 with over 7 million shares changing hands by 0238 GMT. For a story on earnings see [ID:nSIN336309].

"We believe that there exists further upside for NOL stock, should liners be able to incorporate freight rate hikes in the May transpacific freight rate negotiations," Morgan Stanley said in a client note.

Morgan Stanley analysts kept NOL at an "overweight" rating with a target price of S$4.80 per share.

But UBS analysts downgraded NOL to "neutral" from "buy" with a target price of S$3.90.

"We see limited scope for material improvements in margins while U.S. demand remains weak," UBS analysts said in a client note.

0238 GMT - Straits Times Index was up 0.54 percent.

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