BUZZ-BofA raises IAG's earnings estimates after Q3 beat

Reuters11-11 21:54

** BofA Global Research raises is 2024 EBIT estimates by 9% for British Airways owner, International Consolidated Airlines Group $(IAG)$ , to reflect the airline group's strong Q3

** IAG's Q3 EBIT 13% above consensus was the largest EBIT beat among European airlines this quarter, similarly to its outperformance in Q2, the broker says

** BofA reiterates its "buy" rating on strong margins, solid balance sheet and attractive returns

** It expects IAG's EBIT margin to be above 13% in the medium term, in line with guidance of 12-15%, given the group's track record of cost control and increasing contributions from asset-light segments

** The broker forecasts a dividend per share of 7.5 euro cents for 2024, with a yield of 2.7%

** Out of 17 analysts that cover IAG, 12 rate it "strong buy" or "buy"​ and five "hold"

(Reporting by Joao Manuel Mauricio)

((JoaoManuel.VicenteMauricio@thomsonreuters.com))

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