CGS-CIMB has upgraded Pharmaniaga Bhd to "hold" at RM5.27, with a higher target price (TP) of RM5.41 from RM4.15 previously, as the reseach house raised its earnings forecasts for the financial year ending Dec 31, 2021 (FY21) and FY22 to reflect Pharmaniaga's vaccine fill-and-finish venture contribution after sealing an agreement with China's Sinovac Life Sciences Co Ltd (Sinovac).