VSE Corporation (VSEC) PT Raised to $72 at Canaccord Genuity on Continued Strong Bizjet Flight Volume
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Canaccord Genuity analyst Austin Moeller raised the price target on VSE Corporation (NASDAQ: VSEC) to $72.00 (from $62.00) highlighting that growth trends in business jet travel continue to be elevated. For the week, global business jet flight volumes are 63% higher than the same period in 2020 and 27% higher than the same weekly period in 2019 (pre-pandemic).
The analyst reiterated a Buy rating, stating "On November 10 alone, business jet activity was up 74% y/y and up 43% from the same day in 2019. This impressive trend has been consistent throughout 2021, with y/y growth in bizjet flights 71% higher on average YTD than in 2020. A key driver in this demand boost has been the US business jet market, the largest in the world. Total US business jet flights (both domestic and international) were up 78% y/y and 39% from 2019, with the average growth rate in 2021 YTD being 83%. This represents what is likely a more permanent shift in business travel appetites from commercial airlines to privately chartered or privately-owned corporate jets."
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