Olam shares recover after hitting their lowest since April 2009
Shares of Olam International rose four cents today after closing at a three and a half year low yesterday. Olam was four cents higher at $1.54 in mid-morning trade.
Olam has mounted a stout defence against short-seller firm Muddy Waters which has criticised its acquisitions spree and accounting practices.
CIMB Research has upgraded Olam to "neutral" from "trading sell" and kept its $1.59 target price, according to a Reuters report. "In our view, the explanations were satisfactory and should clear any misunderstanding caused by Muddy Waters' accusations," said CIMB.