What a difference a year makes.
Around a year ago, in March 2020, the Citibank research team downgraded DBS Group Holdings Ltd (SGX: D05) to “SELL”, saying that shares are worth a mere S$17.50.
Following the downgrade, shares of the local bank did indeed close below the S$17.50 mark.
For a single day, that is.
Following that fateful day, DBS Group shares have mostly been on the uptrend.
But the target price saga was far from over.
Curiously, amid the backdrop of its rising share price, the same research team started to adjust the target price up to S$19.65.
By June 2020, just three months after tagging DBS Group to be worth S$17.50, the target price was shifted again, this time to S$25.50.
To top it off, DBS Group shares were now considered a “BUY”, with the value of the shares supposedly increasing by almost 46% in a matter of months....