Raymond James Cuts Azul's Price Target By 45%
Raymond James Cuts Azul's Price Target By 45%
雷蒙德·詹姆斯将Azul的目标股价下调了45％
- Raymond James analyst Savanthi Syth lowered the price target on Azul SA (NYSE:AZUL) to $12 (an upside of 83%) from $22 while maintaining the Outperform rating on the shares.
- The analyst updated earnings estimates to reflect a higher fuel price forecast, including elevated refining margins, and a weaker BRL relative to the USD, partly offset by strong demand and yields.
- Syth believes the current share price offers an attractive risk-reward point, supported by Azul's differentiated network, unique cargo opportunity, and potential to meaningfully increase its presence at the profitable Sao Paulo-Congonhas (CGH) airport.
- CGH is expanding the number of slots by ~30% over a ~2 year period. While Gol Linhas Aereas Inteligentes S.A. (NYSE:GOL) and LATAM Airlines Group S.A. (OTC:LTMAQ) are likely to continue to dominate the airport, Azul is likely to double its exposure, the analyst noted.
- Syth mentioned that Azul believes it could generate more profits on a per-route basis than GOL or LATAM due to its smaller-gauge aircraft being better suited for most of the markets served.
- Syth reiterated the Market Perform rating on GOL and saw better risk-reward at AZUL.
- Recently, Barclays analyst Pablo Monsivais downgraded Azul to Underweight from Equal-Weight and lowered the price target to $7 (an upside of 6.7%), from $17.
- Price Action: AZUL shares are trading higher by 2.90% at $6.56 on the last check Thursday.
- 雷蒙德·詹姆斯分析师萨万西·赛斯将Azul SA（纽约证券交易所代码：AZUL）的目标股价从22美元下调至12美元（上涨83％），同时维持该股的跑赢大盘评级。
- 该分析师更新了收益预期，以反映更高的燃油价格预测，包括炼油利润率的提高，以及巴西雷亚尔兑美元的疲软，但部分被强劲的需求和收益率所抵消。
- 赛斯认为，目前的股价提供了一个有吸引力的风险回报点，这得益于Azul的差异化网络、独特的货运机会以及显著增加其在盈利的圣保罗-孔戈尼亚斯（CGH）机场的影响力的潜力。
- CGH将在大约2年的时间内将老虎机数量增加约30％。分析师指出，尽管Gol Linhas Aereas Inteligentes S.A.（纽约证券交易所代码：GOL）和拉美航空集团有限公司（场外交易代码：LTMAQ）可能会继续在机场占据主导地位，但Azul的风险敞口可能会翻一番。
- 赛斯提到，Azul认为，由于其较小的轨距飞机更适合所服务的大多数市场，因此按每条航线计算，它可以产生比GOL或LATAM更多的利润。
- 赛斯重申了对GOL的市场表现评级，并认为AZUL的风险回报有所改善。
- 最近，巴克莱分析师巴勃罗·蒙西韦斯将Azul的评级从同等权重下调至减持，并将目标股价从17美元下调至7美元（上涨6.7％）。
- 价格走势：周四上一次支票，AZUL股价上涨2.90％，至6.56美元。
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