UPDATE: Raymond James Upgrades Azul SA (AZUL) to Outperform; 'Flock South to Avoid Winter'
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(Updated - September 16, 2021 7:13 AM EDT)
Raymond James analyst Savanthi Syth upgraded Azul SA (NYSE: AZUL) from Market Perform to Outperform with a price target of $25.00.
The analyst commented, "We upgrade AZUL from Market Perform to Outperform with a $25 target price while our estimates are largely unchanged. We think the recent pull back in shares creates an attractive entry point against a backdrop of encouraging trends in Brazil as it relates to COVID cases, reopening, and accelerating demand momentum heading into the seasonally strong Southern Hemisphere summer season. This is in contrast to somewhat choppy demand recovery in the U.S. amidst delta-variant concerns with business travel delayed heading into the seasonally weak winter months. Additionally, in the near term, revenue recovery at Azul should continue to outperform peers with exposures tilted towards sectors seeing a faster recovery (e.g., construction, engineering). While political risk looms large heading into general election in October 2022, longer term prospects are favorable for AZUL, in our opinion, given the differentiated network, unique cargo opportunity (driving 20-30% annual increases in cargo revenue over the next few years), and potential to resume the profit-enhancing fleet transformation in 2023/24."
Shares of Azul SA closed at $19.99 yesterday.
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