智通财经APP获悉，摩根士丹利发布研报称，下调国泰航空(00293)目标价13.8%，从11.6港元降至10港元，维持“与大市同步”评级。大摩下调对国泰2025-2026年盈利预测1.4%和8%，主要反映货物收益预测温和下降，部分被燃料预测降低所抵消。同时引入2027年盈利预测93亿港元。
在当下阶段，大摩还未引入更多激进的盈利预测，因为其认为中国香港市场的定价以及燃料价格降低将缓冲潜在的需求疲弱。预计公司现金流维持健康，基于2025年资本开支较少。大摩认为来自货物和旅客利润有下行压力，尤其是北美航线。
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