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Will the Qantas (ASX:QAN) share price take off soon?

Will this airline operator’s shares be taking off in the coming months?
The post Will the Qantas (ASX:QAN) share price take off soon? appeared first on The Motley Fool Australia. –

2021 certainly has been a turbulent year for the Qantas Airways Limited (ASX: QAN) share price.

After being up as much as 12% year to date to $5.50 in March, the Qantas share price is now in negative territory for the year at $4.75.

In light of this turbulence, investors will no doubt be interested to know where analysts think the airline operator’s shares are going next.

What do brokers think about the Qantas share price?

A number of leading brokers remain positive on the Qantas share price despite the recent lockdowns in Sydney that are disrupting the travel market.

According to a note out of Morgan Stanley, its analysts have an overweight rating and $7.00 price target on the company’s shares. This price target implies potential upside of 47% over the next 12 months for Qantas shares.

Morgan Stanley is expecting a gradual improvement in group capacity over the next two years, before things normalise again in FY 2024.

More bullish brokers

Another broker that sees value in Qantas shares is Citi. It currently has a buy rating and $5.89 price target on them.

According to the note, while the broker is expecting its international recovery to take some time, it remains very positive on its domestic business. This is due to market share gains and strong economics.

Finally, Goldman Sachs is another leading broker that appears to believe Qantas shares offer compelling value for investors. Its analysts currently have a buy rating and $6.38 price target on its shares. This implies potential upside of 34% over the next 12 months.

Goldman commented: “QAN represents a strong recovery investment, if the Australian COVID-19 vaccination program has the effect of reducing community transmission of the virus and limits the need for domestic border closures.”

In light of the above, this could make Qantas an ASX 200 share to watch over the coming months.

The post Will the Qantas (ASX:QAN) share price take off soon? appeared first on The Motley Fool Australia.

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More reading

It has been a big past year for the Qantas (ASX:QAN) share price
Here are the 5 best ASX transport shares of the 2021 financial year

The ASX shares with the most to lose from a delayed COVID reopening

3 ASX shares looking pretty cheap right now: expert

ASX travel shares slip as Sydney lockdown extends for another week

Motley Fool contributor James Mickleboro 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 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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