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'.
