OCBC price target cut to $10.50 by Standard Chartered

Stock Name: OCBC Bank
Company Name: OVERSEA-CHINESE BANKING CORP

Research House: StanChart

Price Call: HOLD

Target Price: 10.50

SINGAPORE (Oct 30): Standard Chartered Bank has cut its price target for Oversea-Chinese Banking Corp from $11.16 to $10.50, based on a time series mean reversion approach.

The change reflects "longer-term strategic concerns", according to StanChart analysts John Caparusso and Mayank Mishra.

"Intuitively, we prefer a bank which has already completed acquisition integration over one now facing this challenge," they said in a note, pointing to OCBC's recent takeover of Hong Kong-based Wing Hang Bank.