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Investing.com - Macquarie downgraded Singapore Technologies Engineering (STE:SP) (OTC:SGGKF) from Neutral to Underperform on Friday, setting a price target of SGD7.28.
The downgrade follows the company’s first-half 2025 results briefing, which Macquarie noted provided "little tangible details on the ability to drive earnings growth" above their current estimates.
Despite the downgrade, Macquarie acknowledged that Singapore Technologies Engineering continues to see growth across most of its business segments, with satellite communications (SatCom) being the only area that "remains challenged."
Macquarie’s analysis suggests the stock has "fully priced in growth until 2029," leaving "little room for upside" at current valuation levels.
The firm’s SGD7.28 price target reflects its view that the market has already incorporated long-term growth expectations into the stock’s current price.
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