By: Jalen Chung and Frances Huang
Taipei, May 13 (CAN) A European brokerage has raised its target price for shares of Taiwan-based manufacturing giant Hon Hai Precision Industry Co. (鴻海) after the company reported a better than expected profit margin for the first quarter.
The foreign brokerage also was upbeat about Hon Hai’s proposal to issue the highest-ever cash dividend per share in the company’s history for 2016.
In a research note released Friday, the brokerage raised its target price for Hon Hai shares to NT$112.50 (US$3.73) from NT$110.00 while leaving its “buy” recommendation for the stock unchanged. [FULL STORY]