Singapore Exchange cut to "reduce", target lowered to $7.99 by CIMB

Stock Name: SGX
Company Name: SINGAPORE EXCHANGE LIMITED

Research House: CIMB

Price Call: SELL

Target Price: 7.99

SINGAPORE (April 23): CIMB has downgraded Singapore Exchange to "reduce" from "hold" and trimmed its price target to $7.99 from $8.08.

"Current valuations suggest that the market is pricing in a sustained recovery in securities trading volumes - a scenario that we believe is not likely in the medium term," CIMB analysts Kenneth Ng and Jessalynn Chen wrote in a note.