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(From The Nation (Thailand))
Byline: The Nation.
Capital Nomura Securities has upgraded its recommendation on Amata Corp's stock from "sell" to "reduce", despite the company having cut its 2006 land sales target for the third time in three weeks to 750 rai from 1,000 rai.
The broker says Amata's share price has already absorbed the change, but it has cut its fair-value estimate to Bt12.80 per share.
Amata's land sales so far in the third quarter total 184 rai, bringing its sales in the first nine months of this year to about 432 rai.
As a result, Amata will need to sell an additional 318 rai to meet its revised target, and the …