KUALA LUMPUR (Nov 3): J.P. Morgan analyst Harsh Wardhan Modi upgraded the recommendation on CIMB Group Holdings Bhd to overweight from neutral.

Modi raised the target price to RM7 from RM6.70, implying a 14% increase from the last regular trade. CIMB had 12 buy recommendations, 10 holds and two sells previously.

Investors who followed Modi's recommendation would have received a 22% return in the past year previously, compared with the 29% return on the shares.

In the past six years and 11 months, JPMorgan has rated CIMB neutral five times, overweight three times and underweight once. The shares fell an average 5.3% in the periods rated neutral, rose an average 10% in the periods rated overweight and fell 17% in the period rated underweight.

Analysts raised their consensus one-year target price for the stock by 4.7% in the past three months. Forecasts range from RM4.75 to RM8.