Goldman Sachs lowered its target price for Cathay Pacific (00293) to HK$13.9 from HK$16.3 and maintained its "buy" rating, given the uncertainty in terms of the outlook in light of recent events, CAAC's safety risk warning, and ongoing US/China trade tensions.
The research house believes that Cathay is likely one of the most affected businesses concerning the potential duration of the current situation in HK, given its exposure to inbound travel to HK, the competitive environment, as well as operating and financial leverage.
However, Goldman thinks the market has already priced in a negative scenario for Cathay.
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