SATS upgraded to "add", target raised to $3.31 by CIMB

Stock Name: SATS
Company Name: SATS LTD.

Research House: CIMB

Price Call: BUY

Target Price: 3.31

SINGAPORE (April 27): CIMB has upgraded SATS to "add" from "hold" and raised its price target from $2.95 to $3.31, which is based on 17 times projected FY2016 earnings.

It has also increased its earnings per share estimates by 5% for FY2016 and FY2017 to factor in potential cost savings and higher margins as the company increasingly automates its business processes.