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Riverstone: A beneficiary of Covid-19 Riverstone has seen a strong appreciation in its share price in the past two months, appreciating from a low of S$0.68 back in March 2020 due to t the COVID-19 driven sell-off to a high of S$1.97 last week as the company’s stellar 1Q20 performance was well above the street’s expectations. The street has rushed to upgrade the stock, with DBS now accruing a S$2.20 Target Price (TP) for the counter, UOB at S$2.15, and CIMB at S$1.86. The average TP of the three equates to S$2.07 which still represents an upside of c.11% from its last closing price of S$1.87. Can Riverstone continue its outperformance after the strong rally of late? I wrote about Riverstone back in Oct 2019 with a view that the counter could be witnessing an operational turnaround. I was likely too early...