Shares of Standard Chartered (StanChart) (STAN.L) (2888.HK) were upgraded by broker CLSA on expectations the UK bank’s “challenging” recovery could lead to a takeover by a white knight. Singapore’s biggest lender DBS Group (DBSM.SI) would be the most likely buyer, added CLSA in a note to clients dated Dec 17. Asia-focused lender StanChart has seen its shares fall below a forward price-to-book value of 0.5 times this week, making it an appealing target.