Broker Moves: Coronado Global Resources, Webjet

Company News

by Melissa Darmawan

Morgans retained its add rating and lifted Coronado Global Resources’ (ASX:CRN) target price to $2.97 from $2.73. The team of commodity strategists have raised the forecasts for coal prices driving up the company’s earnings per share forecast up to 33 per cent from this financial year to 2024. Shares are trading 4.1 per cent higher at $2.27.

Meanwhile, UBS retained Webjet’s (ASX:WEB) rating as buy with a reduced price target to $6.75 from $6.95. The broker observes domestic volumes remain strong while concerns lie on the international outbound demand. The broker notes three points to the upside, one is the potential for share market gains, cost efficiencies leading to higher EBITDA margins, and lastly, a Canadian competitor called Trip Ninja set to speed up the structural shift of leisure travel online. Shares were lower and now flat at $5.64

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