(News Bulletin 247) – Oddo confirms its ‘outperformance’ rating on Airbus shares, with a price target raised from 139 to 145 euros.
The analyst cites relief for fiscal 2023, with ‘2023 targets admittedly lower than consensus expectations, but which we believe stand out beyond the fears of most investors’.
Moreover, ‘the relief is also visible as to the ultimately relatively limited consequences of inflation with an impact of a few hundred ME according to management’, continues Oddo.
For 2023, the broker targets an adjusted EBIT of 6310 ME and an Adjusted FCF of 3485 ME for 735 deliveries. ‘We believe that the possibility of launching a share buyback program will rest at the end of the year, after the finalization of the Reload plan and the end of the CFO transition phase,’ he adds.
In this context, Oddo is revising its short-term EPS downwards (-1.9% and -2.9% in 2023 and 2024 respectively) but is raising them beyond that in order to incorporate a slight increase in the rate of long-haul and in particular of the A350.
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