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CyberWorks rating cut

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ABN Amro has slapped a 'reduce' rating on Pacific Century CyberWorks with a target price of HK$1.80. CyberWorks closed on Friday at $2.35.

'We believe that upside is less likely than downside at these levels,' ABN Amro analyst Joe Locke said in a report.

The firm was plagued by heavy debt, low growth potential and transparency fears due to its 'constantly changing reporting format'.

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