Broker's take: OCBC lowers DBS to 'hold' after post-earnings rally

OCBC Investment Research has downgraded its call on DBS Group Holdings to "hold" with a fair value of $29.18 after the bank's shares gained 3.6 per cent on Monday following better-than-expected first quarter earnings.OCBC Investment Research has downgraded its call on DBS Group Holdings to"hold" with a fair value of $29.18 after the bank's shares gained 3.6 per cent on Monday following better-than-expected first quarter earnings.

Head of research Carmen Lee, noted that following DBS's gains on Monday, the bank's shares are trading close to the research house's fair value for the counter. She added that investors can consider buying shares if DBS's stock price hits S$27.50 or lower.Ms Lee said that the banking sector"has done well in the last month", with the three local banks stocks appreciating at an average of 11.

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