Indofood Share Downgraded to IDR 5,400 per share by Macquarie

PT Indofood Sukses Makmur (INDF IJ), the nation’s biggest instant-noodle maker, which uses wheat for producing the food, sank 1.7 percent to 5,900 rupiah, the steepest decrease since July 6. 

Indofood was downgraded to “underperform” from “neutral” at Macquarie Research by equity analyst Lyall Taylor. The 12-month target price is IDR 5,400 per share.