JPMorgan Chase & Co. raised its target for Singapore stocks, citing robust economic growth and a narrowing valuation gap with developed‑market peers. Analysts including Khoi Vu wrote in a note that the Straits Times Index could climb to 7,000 over the next 12 months in a bull case, implying a 22% upside from Tuesday’s close.

The upgraded outlook reflects confidence that Singapore’s economy continues to hold steady despite global uncertainties. Strong corporate earnings and favorable policy settings are expected to support further gains, according to the bank’s equity strategy team.

Investors have been closely watching the valuation differential between Singapore’s market and those of the U.S. and Europe. As that gap narrows, the risk‑adjusted return profile improves, making the city‑state’s equities more attractive.

The new target adds to a series of recent upgrades for regional markets, underscoring a broader shift toward Asian assets. Bloomberg’s AIJ analysis suggests that sustained growth momentum could keep the index on an upward trajectory, reinforcing JPMorgan’s bullish stance.