Australia's Flight Centre Travel falls after Macquarie downgrade

Flight Centre Travel

04/08/2023 05:11

** Australia's Flight Centre Travel  FLT.AX  extends losses
to fourth day, trading 3.2% lower at A$21.865, as of 0322 GMT
    ** Macquarie downgrades stock to "neutral" from
"outperform", citing recent increase in valuation
    ** FLT up ~55% so far this year; up 18.5% since June 30
    ** Macquarie hikes price target to A$23.00 from A$21.30,
citing earnings guidance revision flagged by FLT last month
    ** FLT on July 20 said it now expected FY23 underlying
EBITDA between A$295 mln ($193.79 mln) and A$305 mln, vs a loss
of A$183.1 mln last year
    ** Brokerage hikes its earnings view for FLT through to
fiscal 2025, expects FY23 EBITDA of A$301 mln
    ** Eight of 16 analysts rate the stock "buy" or higher, six
"hold" and two "sell" or lower; their median PT is A$23.00 –
Refinitiv data

($1 = 1.5223 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))