They sucked in retail with upgrades just prior to the dump.Jul...

They sucked in retail with upgrades just prior to the dump.

Jul 25, 202410:30
Flight Centre's performance is seen positively by its bull at Wilsons despite lower-than-expected total transaction value at the Australian travel agent. Wilsons analysts tell clients in a note that, while total transaction value for fiscal 2024 fell slightly short of their forecasts, an in-line profit performance means that margin was wider than they had expected. They explain that lower international airfares were behind the total transaction value miss. Wilsons keeps an overweight recommendation and A$28.96 target price on the stock, which is down 0.1% at A$21.89.

J.P. Morgan raises earnings estimates for Australia's Flight Centre Travel

Jul 25, 2024 13:35

** Analysts at J.P. Morgan raise FY24 earnings estimates for Australia's Flight Centre Travel Group by 3% to A$320 mln ($209.63 mln), noting that the second half is seasonally stronger than the first

** Brokerage increases price target to A$22.50 from A$21.50, retains "neutral" recommendation

** However, FLT shares fall as much as 2.2% to A$21.440, extending losses from the previous session

** Travel retailer on Wednesday tightened FY24 underlying profit before tax guidance range to A$316 mln to A$324 mln from A$300 mln to A$340 mln

** While there are some structural headwinds including airline commission cuts and supply constraints, co optimised its business model during the pandemic, leading to significantly improved operating leverage prospects - J.P. Morgan

** Stock had risen 7.7% this year, as of last close