OCBC draws analyst upgrades but many are cautious on price

OCBC Bank attracted a couple of upgrades from local houses after beating expectations on its third-quarter earnings announced on Thursday morning. However, many brokers kept their "hold" ratings on the stock, citing valuation concerns.

According to Bloomberg, views were roughly split down the middle, with at least eight brokers maintaining their "hold" calls on the stock, while seven had "buy" calls.

Credit Suisse raised its 2017-19 net profit estimates by 1-2 per cent, assuming higher loans, lower net interest margins and lower credit costs. I…