BANGKOK: Citigroup has downgraded its rating on Airports of Thailand Pcl to "sell" from "buy" to reflect the negative impact on air travel of flooding in the country.
The broker has cut its target price for the airport operator to 33.65 baht from 52.40 baht, it said in a note dated Oct. 27.
Citigroup said it expected air traffic growth in Thailand to decline by 15-25 percent in the fourth quarter from the third and a soft rebound from the first quarter of 2012 onwards as dis
international traffic got back to normal.
It also cut its target price on national carrier Thai Airways International Pcl to 19.20 baht from 20 baht but maintained its "neutral" rating.
At 0317 GMT, AOT stock was 0.7 percent higehr on the day at 38.25 baht, while Thai Air was up 1 percent at 19.80 baht.
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