CITYDEV - City Developments upgraded to Hold from Sell by RBS

Stock Name: CITYDEV
Company Name: CITY DEVELOPMENTS LIMITED
Research House: RBS

RBS upgrades City Developments (C09.SG) to Hold from Sell, raises target price to $11.00 from $9.10, says Dow Jones.



RBS says 2Q earnings show strong residential sales churn: “We are now more optimistic on the outlook for grade B offices thanks to strong economic growth.”



Upgrade also reflects higher market valuation for Millennium & Copthorne subsidiary, higher-than-expected average selling prices for residential projects. But warns “stock is fully valued now and the prime residential sector (17% of RNAV) will continue to see slow volumes, in our view.”



Share price last +0.3% at $12.04.