DBS Shares' Initial Negative Reaction to CEO Succession Plan Expected -- Market Talk

Dow Jones08-08

0714 GMT - DBS Group CEO Piyush Gupta's retirement shouldn't come as a surprise, as the market has been wondering about the Singapore bank's CEO succession plan for a while, Jefferies analysts say in a report. "That said, given [Gupta's] strong track record at DBS, we expect a modestly negative initial share price reaction," they say. Tan Su Shan, who will become the new CEO in March 2025, should ease concerns about DBS's strategy continuity, the analysts say. The bank has done adequate preparation for the coming interest rate cuts and potential normalization in credit outlook, they add. Jefferies has a buy rating on the stock and target price of S$41.00. Shares are 0.3% lower at S$33.56.(amanda.lee@wsj.com)

(END) Dow Jones Newswires

August 08, 2024 03:14 ET (07:14 GMT)

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The bank has done adequate preparation for the coming interest rate cuts and potential normalization in credit outlook, they add. Jefferies has a buy rating on the stock and target price of S$41.00. 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Tan Su Shan, who will become the new CEO in March 2025, should ease concerns about DBS's strategy continuity, the analysts say. The bank has done adequate preparation for the coming interest rate cuts and potential normalization in credit outlook, they add. Jefferies has a buy rating on the stock and target price of S$41.00. 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