KUALA LUMPUR (Oct 11): Telekom Malaysia Bhd's (TM) share price jumped as much as 35 sen or 10% to RM3.72 so far today in an apparent response to the stock's upgrade to outperform by Macquarie.

At 3:36pm, TM shares were traded at RM3.68 with some five million shares transacted. TM shares were traded among Bursa Malaysia's top gainers.

Bloomberg reported that Macquarie analyst Prem Jearajasingam raised Macquarie's recommendation on TM shares to outperform from neutral with a target price of RM4.27.

"TM average TP is RM3.95. Analysts raised their consensus one-year target price for the stock by 1.1% in the past three months.

"Targets range from RM2.70 to RM5," Bloomberg reported.