JPMorgan has lifted its target price for DBS to S$70, citing the bank’s strong balance sheet, resilient earnings, and ability to sustain solid dividends ahead. With DBS trading around the mid-S$50s, the new target implies close to 30% upside over the next year.
Despite softer rate expectations, DBS continues to deliver stable profits, healthy fee income, and attractive dividend yields. Analysts say its strong deposit base and disciplined capital management position the bank well going into 2026.
Bottom line: DBS remains one of the most attractive income-plus-growth plays among Singapore banks, though valuations are richer — meaning investors may prefer gradual accumulation or holding for long-term dividends.
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