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Macquarie downgraded Qantas Airways (QABSY) to Neutral from Outperform with a price target of A$9.30, up from A$8.40. Qantas Airways’ forecast for the first half of 2025 looks to have a similar theme to the second half of 2024, that Jetstar is leading the capacity growth in both the domestic and international segments, the analyst tells investors in a research note. The fiscal 2026 outlook shows signs of more international competition, with the firm adding that Qantas’ EV/EBITDA is at previous highs, yet its fleet is 3-4 years older, and argues that the discount to global airlines fairly reflects this difference.
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