Broker Moves: Flight Centre, Corporate Travel Management, QantasCraig Foley
Flight Centre (ASX:FLT) is experiencing turbulence with its share price down over 3 per cent after posting an underlying EBITDA loss during the current financial year.
Its rival, Corporate Travel Management (ASX:CTD) is also in the red after its update yesterday. After a strong run in its share price, Citi cut its rating to neutral from buy and trimmed its price target to $25.49 from $28.05, adjusting its rating to reflect a balanced risk versus reward profile. The latest results also missed consensus amid Omicron having a bigger impact than expected during the third quarter. The broker also notes future headwinds, including a higher domestic mix in total transaction value. Shares are trading 1.4 per cent lower at $24.62.
On a brighter note, Qantas (ASX:QAN) is edging higher with its share price, taking off almost 7 per cent over the past five days. UBS rates Qantas as a buy and raised its price target to $6.65 from $5.76. The broker cited that the new company guidance surpassed both consensus and the broker’s estimates due to a sharp increase in its positive free cash flow. Shares have taken off, up 0.3 per cent at $5.82.
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Source: Finance News Network