Citi hikes PT on Australia's Flight Centre Travel on consensus-beating results

Flight Centre Travel

30/08/2023 21:15

** Brokerage Citi raises price target on Flight Centre
Travel Group  FLT.AX  to A$25.85 from A$25.50 after company's
annual results beat estimates  
    ** The travel retailer posted FY profit before tax of A$106
million ($68.68 million), 4% ahead of Visible Alpha consensus
estimate of A$102 million 
    ** Looking forward we estimate it is FLT’s turn and see a
positive medium-term outlook - Citi
    ** Brokerage increases profit estimates for co by 1% and 4%
for FY24 and FY25 respectively; maintains "buy" rating on co
    ** 8 of 16 analysts rate the stock "buy" or higher, 6 "hold"
and 2 "sell" or lower; their median PT is A$23.00 – Refinitiv
data
    ** Stock up 48.1% this year, as of last close
    
($1 = 1.5434 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))