2300 GMT - Air New Zealand is at "peak bad" and is priced that way, says Macquarie. That underpins its "outperform" call on the stock as New Zealand's flag carrier could be coming into a cyclical recovery in travel while management has telegraphed a program to boost earnings through a range of initiatives. "Proven resilience and recovery don't appear to be factored" into Air New Zealand's valuation, Macquarie says. Air New Zealand's 1H pretax profit guidance of NZ$120 million-NZ$160 million was materially better than expectations. Macquarie lifts its price target on Air New Zealand by 14%, to NZ$0.79/share. Air New Zealand is unchanged, at NZ$0.55, today. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 26, 2024 18:00 ET (23:00 GMT)
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