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Airbus: Oddo BHF confirms buy rating and TP

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Airbus shares, with an unchanged target price of E168.


The analyst believes that 2nd-quarter EBIT, which came in 16.5% above expectations (at 814 ME), provides some margin on the 2024 guidance.

This quarter should clearly reassure us as to the security of our FY 24 EBIT target of around E5.5bn (VA css: E5,572m), based on 770 deliveries, the broker says.

To reach this threshold, Airbus will have to improve the EBIT achieved in H2 2023 by about E0.9bn over the remainder of the year, which we believe is largely achievable, Oddo BHF adds.

Indeed, the company has said that it is comfortable with double-digit growth in deliveries on average over the next few years, and disproportionate growth in Adjusted EBIT thanks to better absorption of fixed costs and the benefits of stabilizing production, the broker adds.


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