Stock Upgraded: SGX target price raised to 4.27!

CIMB-GK Research said it has upgraded its price target for Singapore Exchange (SGX) to 4.27 sgd per share from 4.15 sgd previously. It also hiked its rating on the stock to "neutral" from "underperform" as robust trading volumes are continuing even after the market's recent heavy slide. "We stress that poor equity sentiment does not equate (to) poor stock market volumes. Although the Straits Times index has fallen 6 pct from its peak in the past two weeks, the selldown was actually accompanied by a good pickup in market volumes," CIMB-GK said in a note to clients. "This only bodes well for SGX's earnings. Even if stock market volumes slow in June, SGX looks well-poised to equal its third quarter to March record earnings (in the current quarter to June)," it said. At 9.48 am, SGX was flat at 4.02 with 562,000 shares traded.