Daiwa has upgraded DBS (D05.SG) to “hold” from “underperform” following recent 4Q09 results; raising its target price to $13.94 from $13.37.
The brokerage says upgrade is due to a revaluation, saying “DBS looks closer to fully-valued instead of over valued after our target price upgrade.” The higher target price also reflects earnings upgrades of 0.3% for FY10 and 4.6% for FY11.
