RHB, Jefferies up DBS target price on business momentum

Singapore

FOLLOWING DBS' robust Q1 earnings, which was driven by record fee income and lower provisions, RHB and Jefferies have raised their target prices for the bank's shares. The research houses cited strong business momentum and higher loan growth guidance as reasons for their optimism on South-east Asia's largest bank.

RHB raised its target price to S$34 from S$33 previously, while Jefferies raised its target price to S$33.50 from S$33 before. Both maintained their "buy" recommendations on the stock.