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Citi trims PT, revises earnings outlook for Australia's Qantas ahead of AGM

By Reuters News

** Citi trims target price for Qantas Airways QAN.AX to A$10.75 from A$11.50; retains "Buy" rating

** Brokerage reduces its EBIT expectations for Australia's flag carrier by 9% and 4% for FY27 and FY28, respectively

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

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

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

** 14 of 15 analysts rate the stock "buy" or higher and one "hold"; their median PT is A$11.40 – LSEG data

** Stock down 9.8% this year, as of last cose

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