Jefferies lowers PT on travel firm Flight Centre post dismal Q1

Flight Centre Travel

20/10/2024 21:47

** Analysts at Jefferies lower price target on Australia's
Flight Centre  FLT.AX  to A$17 from A$20, maintain "hold" rating
on stock
    ** Brokerage says co's 1Q update was soft and it showed how
the recovery in leisure travel is almost done
    ** Says tailwind from order/contract wins in the corporate
business is also moderating
    ** Jefferies says the travel group's total transaction value
and earnings for the year would come in lower than some market
estimates
    ** Brokerage assumes 1% FY25 total transaction value growth,
broadly flat revenue margin and 26 basis points profit before
tax margin expansion 
    ** Stock has fallen 54.2% this year, as of last close

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