Australia's Qantas falls as Citi trims PT, earnings outlook ahead of AGM

** Shares of Qantas Airways QAN.AX fall as much as 4.1% to A$8.98, their steepest intraday pct drop since mid-June

** Citi trims target price for the Australian flag carrier to A$10.75 from A$11.50; retains "buy" rating

** Brokerage also reduces its EBIT expectations by 9% and 4% for FY27 and FY28, respectively

** The revised EBIT estimates for Qantas reflect the impact of higher-than-expected fuel prices partially offset by higher ticket and freight revenue, Citi says

** However, Citi raises its FY29 EBIT forecast for Qantas by 5% as brokerage expects a portion of the higher ticket to remain even as fuel normalises

** Qantas is expected to provide a trading update at its AGM on November 6

** Stock down 13.3% YTD, including the day's moves