Credit Lyonnais downgrades Cathay Pacific target price to HK$8.5

Crdit Lyonnais said in the report that as the strike movement taken by the pilots of Cathay Pacific Airways (0293) showed deteriorating signs, the fund house anticipated that the movement would bring even worse impact than that in 1999 and Cathay Pacific Airways would endure HK$500 mln more loss than in 1999. Credit Lyonnais stated that as Cathay Pacific Airways was stepping into crisis risk with economic outlook deteriorating and the long-term return decreasing, the fund house downgraded the target price of the company to HK$8.5 and downgraded its rating to ¡§sell¡¨.

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