Airbus: Oddo BHF raises TP

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Airbus shares, with a target price raised from E168 to E180.


The analyst reports that its estimate of 755 deliveries for FY 2024 seems to be supported by a recent acceleration in first flights.

Conversely, we are adopting more cautious estimates for FY 25, with deliveries now at 820 versus 856 previously (css VA:830), incorporating a rate increase of almost 4.5 A320/month compared with FY 24, the broker adds.

Oddo BHF also reports that the growth/pricing combination remains 'very attractive', with a 2026 P/E of 20x and an FCF yield of 5% for a 2024-28 EPS CAGR of 24%.


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