0427 GMT - Cathay Pacific's earnings beat doesn't compel Citi Research to turn positive on the carrier. The reluctance comes despite Citi's view that mid- to long-haul pricing will unlikely come under significant pressure in 2025 due to tight supply of wide-body jets. Analysts led by Amy Han cite the industry's falling cargo yields on Pacific and Asia-Europe routes this year as a reason for caution. Cathay could face additional downward pressure on demand and yields if the U.S. eventually cancels the de minimis trade exemption for Chinese goods, they say, noting the airline's relatively large exposure to cross-border e-commerce, especially from China. Citi maintains its neutral rating and HK$10.50 target price on the stock. Shares are 5.7% lower at HK$10.28 midday. (farah.elias@wsj.com)
(END) Dow Jones Newswires
March 13, 2025 00:27 ET (04:27 GMT)
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