0019 GMT - WEB Travel loses its bull at Citi on concerns about the potential for further downgrades and earnings visibility. Analyst Samuel Seow tells clients in a note that heightened competition in the hotel wholesale market, including from a couple of industry players, appears to be behind the structural change that has driven WEB Travel's lower margin outlook. The speed with which the Australian travel-booking provider has lowered margin guidance for its WebBeds unit raises questions over the reliability of forecasts and potential risks, he adds. Citi cuts its target price 33% to A$5.55 and lowers its rating to neutral/high risk from buy. Shares are up 2.0% at A$4.62. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
October 14, 2024 20:19 ET (00:19 GMT)
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