Jefferies analyst Chloe Lemarie lowered the firm’s price target on Airbus to EUR 165 from EUR 170 given a slower EBIT recovery, while keeping a Buy rating on the shares. The firm notes Q4 2023 results and full year 2024 guide were rather underwhelming, raising questions on the true operating leverage strength. Jefferies highlights that volume, pricing and reversal of some inefficiencies should be more than enough to drive a significant increase in operating leverage, but this requires an acceleration in deliveries.
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