Analysts raise DBS targets to as high as S$81 after record Q2 net profit
They cite DBS’ strong non-interest income forecast and wealth activities
Analysts have increased their price targets for DBS Bank after it reported a record second-quarter net profit of S$3.08 billion. RHB Group Research raised its target price to S$81.20 from S$75.70, while UOB Kay Hian's Jonathan Koh upgraded the bank to a "buy" rating with a target of S$80 from S$76.85. Koh attributed the strong performance to a surge in wealth management fees, up 42% year-on-year, and a rise in wealth assets under management to S$516 billion.
Other analysts, such as OCBC Group Research's Carmen Lee, raised their prices to S$78 but maintained a "hold" rating. DBS shares were trading at S$76.99 at market close on Tuesday, with analysts noting that while net interest margins have declined, proactive hedging and strong loan growth are expected to bolster earnings.
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