Jefferies raises price target for Australia's Webjet on surging transactions

Web Travel

06/09/2023 24:20

** Jefferies upbeat on Australia's Webjet  WEB.AX  after the
travel firm beat the brokerage's total transaction value (TTV)
forecast for its online travel trade platform WebBeds by 5% amid
strong capital management initiatives
    ** Jefferies raises price target to A$7.00 from A$6.70 and
upgrades rating to 'hold' from 'underperform'
    ** Brokerage raises FY24-25 earnings per share, net profit
after tax attributable forecast by 1% and 4%, respectively 
    ** "We view WebBeds as a strong growth business" - Jefferies
    ** WEB says it intends to pursue capital management
initiatives to buy back A$250 million 2026 convertible notes 
    ** 10 out of 16 analysts rate the stock 'buy' or above, five
'hold', and one rate it 'sell' or lower; their median PT is
A$8.15 per share - LSEG data 
    ** WEB up 14.7% YTD, as of last close

($1 = 1.5679 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))