摩根士丹利调低国泰航空(0293.HK)目标价11%，由12.1港元调低至10.8港元，最牛目标价由18.3港元调低至16.8港元，最熊目标价由7.4港元调低至6.3港元，维持“与大市同步”评级。 大摩在国泰中期业绩会后，调低2025-2027年度盈利预测7%、5%及7%，因基于客运收益假设下降及调高资本开支等。 大摩指出，国泰有望受香港需求复苏，但货运业仍面对不明朗因素。如果日本和泰国航线需求恢复进度胜预期，将更加乐观。中美贸易前景将影响货运业务，加上燃油价格变动亦是关键。2025年度7厘股息率或有下跌风险。
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