SYD – Credit Suisse rates the stock as Underperform

Credit Suisse upgrades international passenger forecasts with the commencement of the Trans-Tasman “bubble”. Trans-Tasman international passenger traffic to and from Sydney Airport constituted 7% of pre-pandemic passengers and 18% of international passengers.

The broker raises international passenger forecasts but assesses there could be a risk if Australia’s vaccine roll-out is not competed by early 2022. The 2021 operating earnings estimates are raised by 16%.

Underperform retained. Target is raised to $5.30 from $5.00.

Sector: Transportation.


Target price is $5.30.Current Price is $6.14. Difference: ($0.84) – (brackets indicate current price is over target). If SYD meets the Credit Suisse target it will return approximately -16% (excluding dividends, fees and charges – negative figures indicate an expected loss).



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