“With our macro team projecting a further +175 basis point (bps) hike in the Fed funds rate (FFR), we believe that capital market expectations have changed, rationalising a mark-to-market exercise,” he writes.
Maybank Securities analyst Samuel Tan has downgraded Grab Holdings to “sell” from “buy” with a slashed target price of US$2.29 ($3.22) from US$4.25 previously.
The downgrade comes as recession and macro risks mount, says the analyst.
