Merrill cut its price target for shares of SIA to $9.25 from $13.30 due to a downturn in the global airline sector.

Separately Goldman Sachs said in report the slowdown in demand calls for capacity reduction and it is increasingly probable that SIA will face progressive losses as demand for long-haul premium services softens.

By 0145 GMT (9.45am Singapore time), shares of Singapore Airlines were down 1.5 per cent and traded at $11.82. -- REUTERS