PCCW now drops 0.44% Citigroup rating to see HK $1.7

PCCW (00008-HK) is now down 0.44%, reporting HK $2.26 to 6.3249 million shares, which is now basically synchronized with the city, with the index falling 0.32%. Citigroup maintained the sales rating of the unit and lowered its target price from HK $3.00 to HK $1.70 to reflect the company's special dividend of HK $1.30 per share.　　The bank reiterated that PCCW's fundamentals were overvalued and its profitability was at risk of slipping, but the company had a lower chance of getting the result of a Hong Kong court ruling to block its privatisation programme. Citi expects the dividend to be HK $0.190 a share this year, with a dividend yield of more than 8% per cent. As a result of the characteristics of similar utility stocks, the unit has recently lost a significant market.