2256 GMT - Australian travel agent Flight Centre gets a new bull in Morgan Stanley, which likes its long-term mindset and competitive advantages of scale, brand and switching costs. "Whilst we lack conviction on timing, we are very confident Flight Centre can automate to improve margins in excess of market expectations," analyst James Bales says. MS also thinks Flight Centre can expand its share of the market without needing acquisitions, while keeping good control of costs. "On 12.7x price-to-earnings, little is factored in," MS says. The bank starts coverage of Flight Centre at overweight with a A$22.00/share price target. Flight Centre ended last week at A$16.04. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
January 12, 2025 17:56 ET (22:56 GMT)
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