Baffling price rally buoys SingTel shares to 19-year high

It's trading at levels not seen since July 1996.

Last week’s rally has pushed SingTel’s share price to a level not seen since July 1996, leaving analysts baffled at the its sharp climb.

SingTel went from low of $3.84 per share in early January to a high of $4.41 per unit on March 27.

“We could not identify any reason for the interest in SingTel shares, which has surpassed our fundamental TP of $4.28. The average Bloomberg consensus target price for SingTel is at the current price level of $4.38. Still, last week’s rally lifted the stock to a level not seen since July 1996, a 19-year high,” stated DBS.

“The price action is positive from a mid-long term perspective and points to $4.80 in coming months. The near-term support is at $4.26,” noted DBS.