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HSBC lowers Jet Airways

HSBC has lowered the stock rating of Jet Airways to ‘neutral’ from ‘overweight’, saying high fuel prices could squeeze its margins in a competitive environment. ┬áIt has lowered the target price to Rs 500 from Rs 580.

“We believe that if the fuel price stays high and Air India continues its irrational pricing, FY12 will be a difficult year for Jet,” HSBC said in a report to clients.

At 10:06 a.m., shares in Jet were trading down 1.1 per cent at Rs 464.20 in a subdued Mumbai market.



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