MIDF upgrades Affin Bank to ‘neutral’, with higher TP of RM2.24

KUALA LUMPUR (Feb 7): MIDF Research has upgraded its rating on Affin Bank Bhd from ‘sell’ to ‘neutral’ and raised the target price to RM2.24 from RM1.71 in view that the Sarawak state government may be looking at being its largest shareholder.

The revision is despite the research house pointing to still weak fundamentals in the bank, albeit it could see some minor benefits as a result of the…