Citigroup raised its target price for Robinson Department Store Pcl to 39 baht ($1.25) from 37 baht ($1.19), reflecting strong first quarter results and an earnings upgrade for the full year.
But the broker said it maintained sell rating on the stock which was trading at 56 baht ($1.80), up 1.82 percent.
"The current share price has clearly priced in strong earnings growth driven by resilient sales growth momentum post flood, steady gross margin and corporate income tax cuts. Thus we maintain sell," Citigroup said in a report.
The broader SET index was down 0.23 percent.
Robinson reported a 47 percent increase in January-March quarter net profit to 564 million baht ($18.12 million) boosted by strong sales and lower corporate income tax.
"Despite slowly recovering consumer confidence post flood from a rock bottom, Robinson has delivered impressive sales growth," the broker said in a report.
The broker said it raised 2012-2014 earnings estimates by 28-30 percent.
For the company statement, click (nSETllcDca)
1039 (0339 GMT)
(Reporting by Viparat Jantraprap in Bangkok; Editing by Sanjeev Miglani;firstname.lastname@example.org)
($1 = 31.12 baht)