SINGAPORE (Sept 14): OCBC has upgraded its rating on DBS Group to “buy” from “hold” with an unchanged fair value estimate of $22.50 due to the recent drop in its share price.
This comes after the stock fell from its recent high of $22.25 in the past two months to close at a low of $20.38 yesterday. This translates to a share price decline of 8.4%, meaning about $4.8 billion of market value has been wiped off.
In a Thursday report, lead analyst Carmen Lee observes that DBS’s share price is up 17.5% year to date despite coming off from the high.
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