Riverstone Set to Benefit From Recovery of Global Semiconductor Sales -- Market Talk

Dow Jones03-21

0552 GMT - Riverstone Holdings stands to benefit from the recovery of global semiconductor sales that are estimated to grow 13% this year following a 9% contraction last year, RHB Research's Singapore Research team says in a note. Riverstone expects its cleanroom gloves' average selling prices to hold up steadily at US$90 per 1,000 pieces, driven by solid customer demand from various technology industries, the team says. Customers' orders for the Singapore company's healthcare gloves have also been picking up for April and May, led by increased demand for specialty healthcare gloves, the team adds. RHB raises the stock's rating to buy from neutral and the target price to S$0.93 from S$0.74. Shares are 5.2% higher at S$0.805.(ronnie.harui@wsj.com)

(END) Dow Jones Newswires

March 21, 2024 01:52 ET (05:52 GMT)

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