First Metro raises PSEi target to 6,700 on easing global risks

MANILA, Philippines – First Metro Securities and DBS Bank raised their year-end PSEi target to 6,700 from 6,500 as easing geopolitical tensions improved market sentiment. In a joint report, the brokerages raised their target on expectations of modest earnings growth and a partial valuation recovery as US-Iran tensions de-escalate. READ: Iran-US talks to continue through the night The firms said the Washington-Tehran memorandum to halt hostilities and reopen the Strait of Hormuz shifted market sentiment from crisis management to a gradual repricing of macroeconomic risks. While execution risks remain, they said the agreement offers a more constructive backdrop than investors […]... Keep on reading: First Metro raises PSEi target to 6,700 on easing global risks