0634 GMT - Cebu Air will likely benefit from the positive tourism outlook for 2025 in the Philippines, Maybank Securities' Ronalyn Joyce Lalimo says in a research report. Visitors to the Philippines rose 9% on year in January, notes the brokerage, which expects to see full recovery in tourism by 2025. She says the recovery will be aided by government initiatives and infrastructure upgrades. The analyst also notes that Cebu Air is also undertaking a strategic re-fleeting plan, including the launch of new routes and aircraft deliveries. Moreover, airport rehabilitation and expansion projects are likely to enhance Cebu Air's long-term growth prospects, she says. The brokerage re-initiates its coverage of the stock with a buy rating and a target price of PHP40.00. Shares are 0.65% lower at PHP30.80. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
February 27, 2025 01:34 ET (06:34 GMT)
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