CLSA became the first major broker recommend clients sell the company’s shares in a year, while Citi analysts cut its valuation by 14 per cent.
flagged the company would consider bringing call centres back to Australia, opening up more frequent flyer seats, and making other changes to rebuild its reputation“There has been no shortage of press related to poor customer service which Qantas is starting to respond to with new initiatives and incremental spend,” said Barrenjoey’s Matt Ryan and Annie Zhu in a note to clients, downgrading its share price target 17 per cent to $7.20. “We have assumed the $80 million called out ...
At Citi, Samuel Seow said that there were already questions around Qantas’ earlier guidance that last year’s $4.5 billion “would be the structurally higher earnings base”. The investment bank has incorporated “higher risk premiums into our discount rates/multiples to account for upcoming regulatory, legal, and political overhangs,” Mr Seow told clients.Qantas shares were trading at $5.14 late on Tuesday morning, down 1.7 per cent. They have slid almost 16 per cent in the last month alone.
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