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Prices & Quotes - UK Markets - Wizz Air Holdings (WIZZ)

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Share Price:
Down 3,344.00p
Change Today:
-82.00p
Market Cap:
2,857.16m
Sector:
Travel & Leisure

JP Morgan cuts IAG rating on uncertain outlook

By Sean Farrell

Date: Tuesday 01 Sep 2020

LONDON (ShareCast) - (Sharecast News) - JP Morgan cut its rating on British Airways owner IAG to 'neutral' because of the airline group's exposure to long-haul flights and Covid-19 hotspots in the Americas and the threat of industrial action.
The bank said IAG, which also owns Iberia and other Spanish airlines, has a strong portfolio and respected management but that its outlook is uncertain. JP Morgan cut its target price to €2.50 a share from a €9 target set in December and reduced its rating from 'overweight'.

The company has been decisive in dealing with the coronavirus crisis, including halving its capital spending plan, agreeing new debt facilities and raising funds from sale and leaseback deals, JP Morgan analyst David Perry said.

After an imminent €2.75bn rights issue IAG will have liquidity to see it through an extreme scenario of 15 months of further lockdown. It is also cutting costs, mainly at BA, Perry said.

However, in 2019 IAG flew 47% of its capacity to and from North America, Latin America and the Caribbean where coronavirus is prevalent. The company also makes up to half its profit from long-haul premium flights that might never recover fully from the crisis, Perry said.

JP Morgan also noted that the Unite union is considering calling strikes at BA in response to the treatment of workers at the airline, which has is cutting thousands of jobs and weakening terms and conditions for remaining workers.

"IAG has a strong airline portfolio and very well-respected management," Perry wrote. "However, given a challenging and uncertain outlook (both near- and medium-term) we move our rating to neutral. As we enter autumn we are tactically cautious on all airlines as we expect fading leisure traffic and only anaemic business traffic."

He said on a relative basis he preferred Wizz Air and Ryanair because both had strong liquidity and scope to take market share and reduce costs.





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WIZZ Market Data

Currency UK Pounds
Price 3,344.00p
Change Today -82.00p
52 Week High 4,496.00p
52 Week Low 2,006.00p
Volume 85,427
Shares Issued 85.44m
Market Cap 2,857.16m

Performance Indicators

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What The Brokers Say

Strong Buy 11
Buy 1
Neutral 8
Sell 0
Strong Sell 1
Total 21
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

WIZZ Dividends

No dividends found

Trades for 27-Oct-2020

Time Volume / Share Price
14:39 11 @ 3,347.00p
14:38 4 @ 3,346.00p
14:37 1 @ 3,344.00p
14:37 74 @ 3,344.00p
14:36 91 @ 3,344.00p

WIZZ Key Personnel

Chair William Franke
CEO Jozsef Varadi