Three Singaporean banks received a target price increase from Citi Research, The Edge Singapore said in a Monday report.

Analyst Tan Yong Hong raised DBS Group Holding's (SGX:D05) target price estimate to SG$63.60 from SG$61.10 due to better long-term return on equity forecast and expected ordinary dividend growth that will continue through 2028, the report said.

Meanwhile, the analyst increased Oversea-Chinese Banking Corp's (SGX:O39) target price to SG$24.90 from SG$20.30 and United Overseas Bank's (SGX:U11) to SG$39 from SG$33.70, according to the report.

OCBC should observe increased noninterest income trajectory amid lower loan-related challenges, with the analyst pointing to the bank's integrated wealth proposition, The Edge said.

For UOB, fee expenses should lessen as it hones its nonperforming loans, although it still has to target greater growth in wealth to have a better re-rating, the report said.

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