OCBC Investment Research downgraded its rating on Tiger Airways to sell from hold and trimmed its price target to $0.60 from $0.65.
By 10:30 a.m., the shares were down 2.1% at $0.695 after plunging more than 60% last year.
By 10:30 a.m., the shares were down 2.1% at $0.695 after plunging more than 60% last year.
On Monday, Tiger Air reported its third consecutive quarterly loss and warned of a possible “significant” annual loss mainly due to problems with its Australian operation and soaring fuel prices.
OCBC said Tiger Air’s net loss was narrowing but not fast enough. High jet fuel prices had curtailed Tiger Air’s recovery, the brokerage said in a report.
It said consensus estimates of Tiger Air’s full-year losses were set to increase and put pressure on its shares.
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