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.
FTSE 250
19,391.30
17:09 19/04/24
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FTSE 350
4,341.08
17:09 19/04/24
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FTSE All-Share
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Mobico Group
60.05p
16:40 19/04/24
1.09%
0.65p
Travel & Leisure
7,521.61
17:10 19/04/24
0.12%
8.88
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'.