PhillipCapital analyst Paul Chew has upgraded SATS to “neutral” from “sell” despite the airline gateway services and food solutions provider’s lower-than-expected 1HFY2021 results.

Chew has also raised his target price on SATS to $4.40 from $1.95.

“We last pegged our target price at its GFC average of 1.35x P/BV. We now believe this is too bearish as operations have likely bottomed and vaccine-discovery newsflow turns positive,” he writes in a report dated Nov 18.

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