0030 GMT - Macquarie analysts aren't sure how Web Travel can drive operating leverage as the Australian travel booker grows total transaction value. They tell clients in a note that they expect Web Travel will be successful in growing total transaction value over the long term, but are less confident in its ability to improve leverage as it scales. They say that structurally lower margins make the corporate-focused business more reliant on cost control, while higher capitalization rates could reduce earnings quality. Macquarie raises its target price 7.8% to A$4.83 and stays neutral on the stock. Shares are up 0.6% at A$4.83. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
November 27, 2024 19:30 ET (00:30 GMT)
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