SGX upgraded to 'outperform', target raised to $10 by Credit Suisse

Stock Name: SGX
Company Name: SINGAPORE EXCHANGE LIMITED

Research House: Credit Suisse

Price Call: BUY

Target Price: 10.00

SINGAPORE (May 6): Credit Suisse has upgraded Singapore Exchange to "outperform" from "neutral" and raised its price target to $10.00 from $8.25.

The revised target, which implies 25 times projected earnings, is based on a 6% to 9% increase in Credit Suisse's earnings per share estimates.

"The key investment case for SGX is the longer-term growth through both existing market growth and success in its strategy to become an Asian regional gateway, with derivatives being the medium-term driver," Credit Suisse analysts Arjan van Veen and Craig Cao wrote in a note today.