Citi downgrades AirAsia Group to sell; price target RM1.48

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MUMBAI (June 17): Citi downgraded the recommendation on AirAsia Group Bhd to sell from neutral.

* Price target (PT) lowered to RM1.48 from RM3.01, implies 47% decrease. AirAsia average PT is RM2.62.

* AirAsia had nine buys, seven holds, six sells previously: Bloomberg data.

Catalysts and Recent events

* The next annual meeting is on June 27.