Australia's Webjet jumps as analysts confident about HY earnings

Web Travel

23/11/2023 24:36

(Adds Morgan Stanley comments, share moves)
    ** Shares of Australia's Webjet Ltd  WEB.AX  rise as much as
3% to A$6.870, their highest since Sept 15
        ** Stock on track for sharpest daily gains since Nov 8,
and is set to extend gains for a fifth straight session  
  
    ** Citi raises earnings estimates on travel and tourism firm
Webjet Ltd  WEB.AX  by 4-5% across FY25-26 after strong HY
results
    ** WEB on Wednesday posted underlying H1 FY24 EBITDA of
A$102.1 mln ($66.45 mln), 41% higher than a year earlier and 4%
ahead of Citi's estimate
    ** With WEB's hotel business growing above the market, Citi
says it is confident company can weather tougher competition
    ** Brokerage cuts PT to A$7.90 from A$8.80; maintains "buy"
rating
    ** Morgan Stanley sees geopolitical uncertainty as a
headwind for Webjet, adding favourable foreign exchange as a
tailwind will boost its earnings 
    ** Stock up 7.9% this year as of last close

($1 = 1.5366 Australian dollars)

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