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What could help the Qantas (ASX:QAN) share price could take flight soon?

The airline’s share price may soon have more reason to take off.
The post What could help the Qantas (ASX:QAN) share price could take flight soon? appeared first on The Motley Fool Australia. –

Key points

The Qantas share price is in the green today
The airline will be flying Sydney to Dallas in February
Brokers have recently rated Qantas a buy

Qantas Airways Ltd (ASX: QAN) may have hit turbulence in the first month of the year, but some new routes may help the airline fly higher soon.

The Qantas share price is up just 1.2% this year to date. However, it has risen nearly 6% in the past month.

Let’s take a look at what could impact the airline in the coming month.

What is happening at Qantas

The Qantas share price has been up and down like a yo-yo in January. The share price gained 2.4% on Monday but fell 1.95% on Tuesday. As Motley Fool Australia reported, travel shares were all down yesterday amid news Australia had been taken off the safe travel list for Europe.

But there could be brighter days ahead for the airline. Qantas will be resuming its long haul flights to Dallas Fort Worth in the US on February 16, Executive Traveller reported yesterday. The 15-hour flight was suspended in early 2020 due to the COVID-19 pandemic. The flight will be scheduled three times a week on Wednesdays, Fridays and Sundays.

Another flight route set to resume is the Perth to London long haul flight. This daily service is earmarked for resumption on March 27.

On January 4, the airline resumed flights between Sydney and Johannesburg in South Africa. The company’s share price increased 2.79% on the day.

Qantas has also received positive broker outlooks in recent days. Morgan Stanley rated the airline as a buy last week and sees earnings increasing under normal conditions.

The company gave the share price a $7 price target. That’s 38% more than current share price of $5.06 at the time of writing. JP Morgan also recently gave Qantas an outperform rating with a $6.30 price target.

Australia’s international borders also could weigh on the Qantas share price in the coming months. For now, Australia’s borders are only open to vaccinated citizens, permanent residents, and eligible visa holders.

Immigration Minister Alex Hawke announced last night that 43,000 international students have arrived in Australia since 1 December. He also revealed temporary graduate visa holders will be allowed into the country from 18 February.

Qantas share price recap

The Qantas share price is up 6.07% in the past month, but it is down 1.55% in the past week. In the last year, it has climbed by 3.89%.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned roughly 9% in the past year.

The company has a market capitalisation of about $9.6 billion based on its current share price.

The post What could help the Qantas (ASX:QAN) share price could take flight soon? appeared first on The Motley Fool Australia.

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More reading

Why are ASX 200 travel shares down today?

Brokers name 3 ASX shares to buy today

Own Qantas (ASX:QAN) shares? Morgan Stanley sees ‘significant upside’ to earnings

ASX 200 (ASX:XJO) midday update: Qantas cuts capacity, Afterpay hits 52-week low

5 things to watch on the ASX 200 on Friday

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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