Kasikorn Securities upgraded Siam City Cement Pcl to "outperform" from "neutral", citing a positive earnings outlook for the country's second-largest cement maker on rising cement demand and construction activity.
The broker also raised its price target on the stock to 345 baht ($10.95) from 333 baht.
By the midsession break at 0530 GMT, Siam City Cement was up 1.4 percent at 290 baht, having risen as high as 292 baht at one point, bucking softness in the broader market which had eased 0.4 percent.
"The 12 percent correction in Siam City Cement's share price over the last 13 trading days has provided a suitable entry point below 300 baht," the broker said in a report.
"We maintain a positive outlook on the cement business and expect accelerating construction activity during the current quarter to be a key driver for top line growth across the sector," it said.
The broker said it expected Siam City Cement to report a 15 percent net profit increase for the April-June quarter to 1.2 billion baht ($38.07 million), with market conditions likely to relatively remain buoyant in the second half of the year.
1334 (0634 GMT)
(Reporting by Viparat Jantraprap in Bangkok; email@example.com)