DBS Group upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs analyst Melissa Kuang upgraded DBS Group to Neutral from Sell with a S$35.30 price target given the more robust outlook. Since the firm added the stock to its Sell list on May 3, 2023, the stock is up +2% versus STI of +1% and SG banks peers of +4%. Goldman attributes recent share price strength to optimism ahead of the July 27 Fed rate hikes and better read-across from the U.S. banks results.