SINGAPORE (May 29): RHB Group Research analyst Vijay Natarajan is upgrading City Developments (CDL) to a “buy” from the previous “hold” with a lower target price of $9.50 as the stock trades below global financial crisis (GFC) levels. 

While CDL, like all other property heavyweights in Singapore, has been affected by the ongoing Covid-19 pandemic, Natarajan believes most of the near-term headwinds have already been priced in. Furthermore, CDL’s solid fundamentals are likely to enable the company to bounce back. 

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