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Jefferies cuts Qantas' earnings forecast on fuel headwinds

By Reuters News

** Jefferies cuts Qantas Airways' QAN.AX fiscal 2027 earnings estimates by 9.2%, citing higher fuel cost assumptions as refinery margins and Brent crude remain elevated

** Broker expects airline's FY27 fuel costs of A$3.72 billion versus Qantas' August guidance of A$3.6 billion, though fare increases of 3% to 6% and domestic capacity cuts are expected to partly offset the pressure

** Maintains its 'buy' rating but trims price target to A$12.20 from A$12.30

** Jefferies adds Qantas' balance sheet remains strong enough to support dividend payments despite near-term earnings headwinds, and sees scope for a significant re-rating if tensions in the Middle East ease and fuel prices retreat

** Stock down about 15% YTD

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