Investment bank advises offloading Cathay Pacific stock

Business | 13 Aug 2019 7:47 pm

The investment banking arm of China's biggest lender, ICBC, has recommended a "strong sell" rating on Cathay Pacific and cut its target price to HK$6, below its current price of HK$9.55. 
"We believe recent CAAC safety alert, together with management's poor crisis management, will cause irreversible damage to Cathay Pacific's brand perception as a premium quality carrier," it said in a note, referring to the Civil Aviation Administration of China, Reuters reports. 

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