0659 GMT - Cathay Pacific's earnings will likely see strong near-term momentum, analysts at HSBC Global Research write in a note. Cathay's November traffic update included positive guidance for 2H and flights are back to pre-pandemic levels, the analysts note, adding that Cathay also expects higher profit contributions from Air China. HSBC raises its estimates for 2H earnings before interest and taxes by 52% to reflect strong cargo and lower fuel prices, and raises its 2024-2026 recurring profit estimates by 10%-29%. HSBC upgrades its rating to hold from reduce, lifting its target price to HK$9.70 from HK$8.30. Shares are 0.3% lower at HK$9.57. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
January 07, 2025 01:59 ET (06:59 GMT)
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