DBS Group downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Melissa Kuang downgraded DBS Group to Sell from Neutral with a price target of S$34.20, down from S$36.90. DBS is “a well run bank with solid balance sheet and franchise,” but heading into a rate cut cycle the firm sees DBS facing headwinds to its earnings, the analyst tells investors.

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