DBS Group Research’s Ling Lee Keng has downgraded her rating on Riverstone to “hold” and lowered her target price to $2.03, down from her previous figure of $2.76. 

She believes Riverstone Holdings‘ steep share price increase is ”nearing its end”, especially with more positive news of Covid-19 vaccines coming onstream. 

Ling also expects the rising average selling price (ASP) trend to moderate, and said that while the company’s ASP continues to sky-rocket on strong demand and tight supply due to the Covid-19 pandemic, she expects the ASP trend to stabilise in FY2021 and decline in FY2022, though demand is still expected to be firm. 

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