TPB [MARKET PERFORM +9.6%] - Size and liquidity spoil otherwise unique growth story - Update
  • 31 May 2019
  • Company Research
We increase our target price (TP) by 4.4% mainly due to 6.6%/3.6%/3.1%/4.5%/4.0% upward projections in our earnings for 2019-2023. However, we downgrade our rating to MARKET PERFORM as the stock price has appreciated by 14.5% in the last three months. Our