Singapore Airlines raised to "hold", target lifted to $11.30 by Deutsche Bank

Stock Name: SIA
Company Name: SINGAPORE AIRLINES LTD

Research House: Deutsche Bank

Price Call: HOLD

Target Price: 11.30

SINGAPORE (Jan 14): Deutsche Bank has upgraded Singapore Airlines to "hold" from "sell" and raised its price target from $8.80 to $11.30, pegged at parity to book value.

The changes follow upward revisions to its earnings estimates to reflect cheaper jet fuel, prices of which have declined to US$64 a barrel from US$122 a barrel in July year.

It now expects the carrier to earn $436 million in FY2015, $880 million in FY2016 and $994 million in FY2017, up from its previous forecasts of $295 million, $374 million and $401 million respectively.