AIZ – Macquarie rates the stock as Underperform

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First-half results were soft, Macquarie observes. Recently downgraded guidance for FY20 pre-tax profit of $300-350m has been maintained. Revenue was in line with expectations.

The airline is now expecting capacity growth of 1.5-2.5% in FY20, down from 4-5%.

Macquarie maintains an Underperform rating, noting the downside risk from a prolonged outbreak of coronavirus. Target is lowered to NZ$2.20 from NZ$2.40.

Sector: Transportation.

Current Price is $2.21. Target price not assessed.

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