High Tech Corp rises to 11-month high

High Tech Computer Corp (HTC, 宏達電子), the world's largest maker of handsets that use Microsoft Corp's Windows operating system, rose to an 11-month high in Taipei after Credit Suisse Group raised its rating to "outperform."

The Taoyuan-based company's shares climbed 3.9 percent to close at NT$580 on the Taiwan Stock Exchange, their highest since Nov. 15 of last year. The benchmark TAIEX declined 0.75 percent.

"We believe the market has yet to price in potential contributions from projects" including the Google Inc phone and handsets from Sony Ericsson Mobile Communications Ltd, Felix Rusli and Vivian Jang, analysts at Credit Suisse, wrote in a report yesterday.

Credit Suisse boosted its 12-month price estimate for HTC to NT$725 from NT$462. The analysts previously rated the stock "neutral." KGI Securities increased its price target to NT$698 from NT$523, while maintaining its "outperform" rating on the stock.