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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on DBSDY: