Why is the Flight Centre share price struggling today?
The post Why is the Flight Centre share price tumbling 5% today? appeared first on The Motley Fool Australia. –
The Flight Centre Travel Group Ltd (ASX: FLT) share price is sliding today.
The travel company’s share price is falling 4.31% and is currently trading at $16.86. However, in earlier trade, the Flight Centre share price had fallen 5.21% before recovering slightly.
Let’s take a look at what is happening at Flight Centre.
Goldman Sachs has placed a neutral rating on the company’s shares with a $20.90 price target. This is nearly 24% more than the current share price. Previously, as my Foolish colleague Aaron reported, Goldman had a $20.40 price target on the company’s share price.
However, Credit Suisse has placed an underperform rating on the company’s shares with a $14 price target. Morgans has also expressed concern the company’s earnings may not go back to pre-COVID levels until FY2025.
Yesterday, Flight Centre shares surged on the back of the company’s upgraded guidance for the 2022 financial year.
Commenting on the results, managing director Graham Turner said:
After an incredibly challenging period, we were pleased to achieve our goal of returning to
monthly underlying EBITDA profitability in both the corporate and leisure sectors late in the
Flight Centre said the scale of the travel recovery exceeded the company’s expectations.
Flight Centre share price snapshot
The Flight Centre share price has surged 17% in the past year, while it has descended 4% in the year to date.
For perspective, the ASX 200 has lost nearly 8% in a year.
Flight Centre has a market capitalisation of about $3.3 billion based on the current share price.
The post Why is the Flight Centre share price tumbling 5% today? appeared first on The Motley Fool Australia.
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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. 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 recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.