Shares of Singapore Telecommunications (STEL.SI), Southeast Asia’s largest telecom firm, rose as much as 2.8% on Friday after Citigroup upgraded its rating to buy from hold, traders said.
At 10:26 a.m., shares of SingTel were 2.5% higher at $2.93 with almost 9 million shares changing hands.
At 10:26 a.m., shares of SingTel were 2.5% higher at $2.93 with almost 9 million shares changing hands.
Citi raised its target price for SingTel to $3.36 from $3.25, citing declining subscriber acquisition and retention costs (SARC) for smartphones in Singapore and Australia.
“Concerns over Bharti’s African foray have been abating given its stronger-than-anticipated revenue growth,” added Citi.
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