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JP Morgan downgrades DBS to 'neutral' as future earnings growth already priced in

Felicia Tan
Felicia Tan11/24/2022 03:58 PM GMT+08  • 4 min read
JP Morgan downgrades DBS to 'neutral' as future earnings growth already priced in
JP Morgan has downgraded DBS Group Holdings to “neutral” with an unchanged target price of $37 as it sees the group’s future earnings growth already priced in. Photo: DBS
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JP Morgan has downgraded DBS Group Holdings to “neutral” with an unchanged target price of $37 as it sees the group’s future earnings growth already priced in.

According to analyst Harsh Wardhan Modi, JP Morgan’s global economics team is anticipating a US recession in 2023, which has implications for growth in Asia.

“A probability-weighted outcome of growth/asset quality disappointment is priced in, but not enough, in our view,” says Modi.

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