SIA’s share price has rallied sharply in recent weeks due to investors’ optimism on the rollout of the Covid-19 vaccines. Investors are also hopeful on the airline that global travel may resume sooner than later.
CGS-CIMB Research analyst Raymond Yap has downgraded Singapore Airlines (SIA) to “hold” from “add” with a higher target price of $6 from $4.90 previously.
The downgrade, according to Yap, is due to the rising optimism that’s been priced into SIA’s shares.
