Liberum cuts target on National Express, still confident on public transport recovery

Analysts at Liberum lowered their target price on shares of National Express in anticipation of a more gradual earnings recovery through to 2023.

In particular, they believed that some caution was required due to the competitive pressures in the group's long-distance coach segment

However, they remained "confident" that public transport activity would rebound fully as the pandemic eased.

They also thought the company was well-positioned to benefit from long-term industry growth on the back of decarbonisation.

All told, they lowered their target price from 340.0p to 310.0p, but kept their recommendation at 'buy'.