SINGAPORE - Citi has raised its target price for Wilmar International, the world's largest listed palm oil firm, to $6.33 (US$4.64) from $6.16 but kept its 'sell' rating.
Citi has raised its target price for Wilmar to reflect higher contributions from its associates and lower effective tax rate for 2010.
'Refining margin has been improving but crushing margin is under pressure worldwide,' Citi said in a report.
The bank noted Wilmar expects the firm's China margins to fall although this will be offset by a rise in sales volume.
Wilmar shares rose 0.98 per cent to $6.17 at 0137 GMT but have fallen 4 per cent so far this year. -- REUTERS
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