Credit Lyonnais downgrades Phonenix TV to absorb at HK$1.53
A research report of Credit Lyonnais sharply downgraded the rating of Phoenix satellite Television Holdings (8002) from ¡§buying¡¨ to ¡§speculating selling¡¨. Absorption can be considered till the price is at HK$1.53.The report pointed out the downward rating resulted from Phonenix TV¡¦s slowdown in income and no advertisement revenue from the newly-launched channel in short terms.
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