Canaccord Genuity issues Air Partner with 'buy' rating

Analysts at Canaccord Genuity slapped Air Partner's shares with a 'buy' rating on Monday after previously having the stock 'under review'.

Canaccord said Air Partner remained "well placed" to benefit from the long-term growth trends in aviation, stating its Charter and Safety & Security divisions would likely perform well as it emerges from the Covid-19 pandemic.

The Canadian bank added that, supported by a strong balance sheet, Air Partner would also likely continue to diversify its revenue streams and aviation services portfolio in the coming years, increasing its revenue visibility in the process.

"Applying a 15% premium to our EPS for FY23 equates to a price target of 100.0p," stated Canaccord, which had a 140.0p target price on Air Partner prior to its review of the stock.