Cathay Pacific downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Cathay Pacific (CPCAY) to Neutral from Overweight with a price target of HK$11, down from HK$12.30. The airline has emerged as the top-performing airline stock globally, with a “remarkable” 35% increase since mid-November, significantly outpacing global peers, the analyst noted. The stock is trading at a peak multiple, which suggests a balanced risk-reward scenario, the analyst added.