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Airbus: stock hit as broker slashes target price

( - The Airbus share is down around 4.
5% morning.

While Credit Suisse has confirmed its Outperform rating on the share, it has almost halved its corresponding target price to 87 euros (vs. 170 euros), due to deliveries and lower earnings estimates.

The broker says, "We reduce our overall delivery expectations to 785/820/895/999 aircraft for 2020-23, -11%/-15%/-10%/-3% vs our previous forecasts, and leave our 2024 expectation unchanged at 1,085".

"We cut our EBIT estimates for 2020-24 by -35%/-46%/-38%/-21%/-12%. For 2022, we previously had an EBIT forecast of EUR10.9bn, which becomes EUR6.7bn. For 2024, our forecast falls to EUR11.0bn from EUR12.5bn. Our FCF forecasts drop 73% for 2020 to EUR1.1bn," it adds.

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