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Airbus: Oddo still a buyer, trimming target price

(CercleFinance.com) - Broker Oddo says that the degree of caution incorporated in Airbus' 2021 guidance is surprising.


It believes that this reflects the recent deterioration in traffic and the uncertainty surrounding the timing of when this will pick up again, although it does not in any way call into question the trajectory of an acceleration beyond 2021.

While it sees 2021 as a year of transition, Airbus appears more optimistic beyond that, Oddo reports, expecting a grater increase in rate of increase above 2018-2019 and a return to the 2019 profitability level by 2023-2024.

The broker says that it is postponing its expectation of an increase in production rates by about two quarters, which results in a 9.8% reduction in adjusted EBIT in 2021, followed by 8.1% in 2022 and 6.6% in 2023.

Oddo therefore maintains its outperform rating on the Airbus share, while trimming its corresponding target price to 111 euros, vs. 114 euros previously.


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