Analyst Canaccord Genuity raises Air Partner forecasts and target price to reflect the private aviation provider’s improved outlook
An analyst tracking Air Partner is upping its forecast and target price for Air Partner citing a strong start to its results for the current financial year.
“Trading has been strong in the first five months of the year and the board now expects underlying profit before taxes for Financial Year 2022 to surpass management expectations. The group is trading ahead of pre-COVID-19 levels, partly reflecting the strong performance of the North American operations,” wrote Canaccord Genuity analyst Gert Zonneveld today.
He continued, “Air Partner is well placed to benefit from the long-term growth trends in aviation. Its Charter and Safety & Security divisions will likely perform well as the group emerges from the pandemic. Supported by a strong balance sheet it should continue to diversify its revenue streams and aviation services portfolio in the coming years, and increase its revenue visibility. We reiterate our buy recommendation with an increased price target of 105p from 100p.”
According to the analyst, for the first five months of the current financial year, Air Partner has been performing ahead of pre-Covid levels.
New jet card sales through June are up 36.8% versus the prior period and deposits now stand at £18.9 million ($26 million).