Raymond James Cuts Azul's Price Target By 45%
Raymond James Cuts Azul's Price Target By 45%
雷蒙德·詹姆斯將Azul的目標股價下調了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·詹姆斯分析師薩萬西·賽斯將Azul SA（紐約證券交易所代碼：AZUL）的目標股價從22美元下調至12美元（上漲83％），同時維持該股的跑贏大盤評級。
- 該分析師更新了收益預期，以反映更高的燃油價格預測，包括煉油利潤率的提高，以及巴西雷亞爾兌美元的疲軟，但部分被強勁的需求和收益率所抵消。
- 賽斯認爲，目前的股價提供了一個有吸引力的風險回報點，這得益於Azul的差異化網絡、獨特的貨運機會以及顯著增加其在盈利的聖保羅-孔戈尼亞斯（CGH）機場的影響力的潛力。
- CGH將在大約2年的時間內將老虎機數量增加約30％。分析師指出，儘管Gol Linhas Aereas Inteligentes S.A.（紐約證券交易所代碼：GOL）和拉美航空集團有限公司（場外交易代碼：LTMAQ）可能會繼續在機場佔據主導地位，但Azul的風險敞口可能會翻一番。
- 賽斯提到，Azul認爲，由於其較小的軌距飛機更適合所服務的大多數市場，因此按每條航線計算，它可以產生比GOL或LATAM更多的利潤。
- 賽斯重申了對GOL的市場表現評級，並認爲AZUL的風險回報有所改善。
- 最近，巴克萊分析師巴勃羅·蒙西韋斯將Azul的評級從同等權重下調至減持，並將目標股價從17美元下調至7美元（上漲6.7％）。
- 價格走勢：週四上一次支票，AZUL股價上漲2.90％，至6.56美元。