The analysts add that the stock is “at risk of weakness” over the next three to six months as the economy slows. To this end, they have lowered their target price to $11.50 from $13.50 previously.
JP Morgan analysts Harsh Wardhan Modi, Daniel Andrew Tan and Gaurav Khandelwal have kept their “underweight” call for Oversea-Chinese Banking Corporation (OCBC) (SGX:O39
) as they see downside to the bank’s earnings for the 1QFY2023 ended March 31.
OCBC will be reporting its quarterly results on May 10.
