As such, Yap has in his July 3 research note cut his call to “reduce” while raising his target price to $6.53.
Singapore Airline’s outlook for the current year remains “very strong”. However, given the recent run-up in its share price, CGS-CIMB’s Raymond Yap has joined a growing list of analysts to downgrade the stock on valuation grounds.
At end of July 3, SIA closed at $7.33, up 33.52% year to date – and which has overshot Yap’s earlier $6.15 price target with a “hold” call.
