Singapore Airlines Tumbles After Morgan Stanley Slashes Rating
- Stock rose 33% in the past month after reporting record profit
- Morgan Stanley has bull case target price of S$9.30 on shares
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Morgan Stanley downgraded Singapore Airlines Ltd. after a peer-beating rally over the past month, saying positives such as strong fundamentals and favorable fuel prices have been priced in.
Shares of the carrier tumbled as much as 5.1% on Friday, the most since Feb. 2022, on track to snap its longest winning streak since 2008. An Asia Pacific gauge of airline stocks traded higher on the day.