CGS-CIMB has downgraded Singapore Airlines’ call to “hold” from its previous “add” rating with a lowered target price of $3.55, on the back of higher than expected losses and dashed hopes of a quick recovery. 

Last week, SIA reported losses of $1.12 billion in Q1, its largest quarterly loss on record. 

See: SIA plummets into $1.12 bil net loss in 1Q20/21 on continued aviation woes

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