The Qantas share price plummeted on Tuesday after a major broker issued the first downgrade in 12 months.
Qantas Airways’ share price fell to a 12-month low on Tuesday, as brokers moved to downgrade the stock after damning calls from pilots who said they had lost faith in chair Richard Goyder.
Qantas boss Vanessa Hudson said the airline needs to better balance the interests of investors and customers in the future.Citi reduced its rating on Qantas by more than 10 per cent to $6 a share. Barrenjoey reduced its share price target by 17 per cent to $7.20 and said it expected the cost of Qantas’ reputational improvements to exceed the $80 million it announced on Monday.record underlying profit of $2.
Qantas released a market update on Monday flagging a $200 million increase to its fuel bill, $80 million in additional customer improvements, and a $50 million hit due to foreign exchange rate changes.
It’s one of many workplace groups that has welcomed Hudson’s early succession. Lucas said on Tuesday that the association was saddened it had to speak against the governance of the business when the focus should be on paving a way for Hudson’s tenure, but the recent revelation that“We do not think Vanessa Hudson is able to turn the airline around with Goyder as chair.
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