Citi upgraded DBS Group (DBSDY) to Buy from Neutral with a price target of S$49.30, up from S$40.10. The firm says higher payout ratios could drive a further re-rating of the shares. Indonesia banks were the worst performing regionally but a peaking U.S. dollar index could provide initial relief, going by 2016 and 2020 U.S. elections trends, the analyst tells investors in a research note.
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