Following Cathay Pacific Airways' announcement of a $663 million net loss for the first half of 2008, Credit Suisse has cut its target price for Cathay by 8.8% to $13.5 and maintained its "Neutral" rating for the stock.

The first-half loss is in contrast to Credit Suisse's forecast of $513 million profit and close to the low end of market estimates which are between $500 million profit to $1 billion loss.

Credit Suisse has cut its forecast for Cathay for 2008 to a $209 million loss, but expects the airline to break even in the second half of 2008.