Australia's Qantas falls as Citi trims PT, earnings outlook ahead of AGM
BUZZ-Australia's Qantas falls as Citi trims PT, earnings outlook ahead of AGM Updates
** Shares of Qantas Airways QAN.AX fall as much as 4.1% to A$8.98, their steepest intraday pct drop since mid-June
** Citi trims target price for the Australian flag carrier to A$10.75 from A$11.50; retains "buy" rating
** Brokerage also reduces its EBIT expectations by 9% and 4% for FY27 and FY28, respectively
** The revised EBIT estimates for Qantas reflect the impact of higher-than-expected fuel prices partially offset by higher ticket and freight revenue, Citi says
** However, Citi raises its FY29 EBIT forecast for Qantas by 5% as brokerage expects a portion of the higher ticket to remain even as fuel normalises
** Qantas is expected to provide a trading update at its AGM on November 6
** Stock down 13.3% YTD, including the day's moves
(Reporting by Sherin Sunny and Nikita Maria Jino in Bengaluru)
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