On June 29, Cathay Pacific Airways rose 3.1% in regular trading, trading at HK$12.97/share, with turnover of HK$149 million. The rally was driven by UBS raising its target price on the stock to HK$16.9 and reiterating a Buy rating, implying approximately 30% upside from the current level.

The upgrade is underpinned by strong operational momentum. In May, Cathay Pacific carried approximately 2.7 million passengers, up 17% year-over-year, while available seat kilometers rose 10%. Cathay Cargo transported over 150,000 tonnes, a year-over-year increase of 11%. The company also announced a reduction in fuel surcharges effective July 1, with long-haul surcharges lowered from HK$1,362 to HK$1,164, signaling easing cost pressures.

Additionally, JPMorgan significantly increased its stake in Cathay Pacific to 10.45% from 2.23% earlier in June, reinforcing institutional bullish sentiment. The company is also expanding cargo capacity through the addition of A330 and A350F freighters.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)