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的目標價格下調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Savanthi Syth於週一下調了目標價Azul SA(紐約證券交易所代碼：Azul)從22美元上漲至12美元(上漲83%)，同時維持對該股的強於大盤的評級。
- 這位分析師更新了收益預期，以反映更高的燃料價格預測，包括煉油利潤率上升，以及BRL相對於美元走弱，但強勁的需求和產量在一定程度上抵消了這一影響。
- 賽斯認為，目前的股價提供了一個有吸引力的風險回報點，得到了Azul差異化的網絡、獨特的貨運機會以及有意義地增加其在盈利的聖保羅-康貢哈斯(CGH)機場的存在的潛力的支持。
- CGH將在大約兩年的時間內將插槽數量擴大約30%。而當GOL Linhas Aereas Inteligentes S.A.(紐約證券交易所代碼：GOL)和拉塔姆航空集團有限公司(場外交易：LTMAQ)可能繼續主導機場，Azul可能會將其風險敞口增加一倍，這位分析師指出。
- Syth提到，Azul認為它可以在每條航線上產生比GOL或LATAM更多的利潤，因為它的小口徑飛機更適合大多數服務的市場。
- 賽斯重申了對GOL的市場表現評級，並在Azul看到了更好的風險回報。
- 最近，巴克萊分析師巴勃羅·蒙西維斯將Azul的評級從持平下調至減持，並將目標價從17美元下調至7美元(上調6.7%)。
- 價格行動：在週四的最後一次檢查中，Azul的股價上漲了2.90%，達到6.56美元。
譯文內容由第三人軟體翻譯。
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