Tiger Air

Tiger Air: Morgan Stanley cuts TP to $0.75 from $1.15, to adjust for the recent 2-for-1 rights issue, as well as to reflect lower EPS estimates. The house has an Equal Weight rating on the stock, says it believes in Tiger’s low cost business model, but needs to see evidence of mgt’s execution before turning positive on Tiger’s shares. Notes uncertainty in the Australian franchise, and execution risk on new cubs.