$OCBC Bank(O39.SI)$ OCBC Shares Slide Over 5% as Citi Double-Downgrades Stock to Sell’ SINGAPORE — Shares of Oversea-Chinese Banking Corporation (SGX: O39) tumbled over 5% in morning trading on Wednesday, shedding roughly S$7 billion in market value after Citi Research sharply downgraded the lender directly to a "Sell" rating. The stock, which opened at S31.55,plungedtoanintraday low of $30.30, making it the most heavily traded counter by value on the Singapore Exchange. Analysts Warn of Earnings Drag and Margin Squeeze The sharp sell-off was triggered by a research note from Citi analyst Tan Yong Hong, who cut OCBC’s target price to S$27.50 (down from a valuation based on 2x book value). Citi flagged three
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