Jefferies lowers PT on NZ's largest airport, Auckland International

Auckland International Airport

17/07/2024 22:34

** Analysts at Jefferies lower price target on Auckland
International Airport  AIA.NZ  to NZ$8.18 from NZ$8.58;
maintains rating at "hold"
    ** Brokerage expects New Zealand's biggest airport operator
to under-earn relative to allowable returns unless co's
management is able to make an adjustment
    ** Auckland Airport passengers are tracking below forecasts
for FY24, says Jefferies
    ** Think it is unlikely that management would re-consult to
deliver updated passenger forecasts reflecting the current tough
operating environment - Brokerage
    ** Jefferies now sees increased funding requirement for an
equity raise of NZ$1.5 billion ($911.85 million)
    ** Stock has fallen 11.4% YTD, as of last close 


($1 = 1.6450 New Zealand dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))