Zacks Investment Research upgraded shares of LATAM Airlines Group (NYSE:LTM) from a sell rating to a hold rating in a report released on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $9.25 target price on the transportation company’s stock.
According to Zacks, “LATAM Airlines' heavyweight deal with Delta Air Lines is a huge positive. The deal has strengthened LATAM Airlines’ capital structure and free cash flow. Efforts to control costs are impressive too. In the first nine months of 2019, non-fuel unit costs declined 2.3%. However, weakness in its international unit due to adverse foreign currency movements apart from excess capacity in certain markets do not bode well. Low cargo revenues mainly due to sluggish import markets partly owing to weaker currencies are concerning too. Akin to the past few quarters, adverse foreign currency movements are likely to have dented the carrier's fourth-quarter 2019 performance as well. Detailed results will be out on March 4. Shares of LATAM have underperformed its industry in a year's time mainly due the above-mentioned headwinds.”
A number of other equities research analysts have also commented on LTM. JPMorgan Chase & Co. upgraded LATAM Airlines Group from a neutral rating to an overweight rating and raised their price objective for the stock from $10.00 to $14.00 in a research report on Friday, September 27th. ValuEngine upgraded LATAM Airlines Group from a hold rating to a buy rating in a research report on Monday, December 30th. Barclays raised their price objective on LATAM Airlines Group from $11.00 to $12.00 and gave the stock an equal weight rating in a research report on Friday, November 15th. Citigroup upgraded LATAM Airlines Group from a neutral rating to a buy rating and set a $15.00 price objective for the company in a research report on Friday, September 27th. Finally, Bank of America upgraded LATAM Airlines Group from an underperform rating to a neutral rating in a research report on Friday, September 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $11.76.
LATAM Airlines Group (NYSE:LTM) last announced its quarterly earnings data on Wednesday, November 13th. The transportation company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.02). LATAM Airlines Group had a return on equity of 3.45% and a net margin of 1.13%. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.65 billion. As a group, sell-side analysts expect that LATAM Airlines Group will post 0.17 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the company. Quadrant Capital Group LLC raised its stake in shares of LATAM Airlines Group by 710.1% during the 3rd quarter. Quadrant Capital Group LLC now owns 10,224 shares of the transportation company’s stock worth $112,000 after purchasing an additional 8,962 shares in the last quarter. US Bancorp DE raised its stake in shares of LATAM Airlines Group by 20.8% during the 2nd quarter. US Bancorp DE now owns 11,676 shares of the transportation company’s stock worth $109,000 after purchasing an additional 2,013 shares in the last quarter. Clear Street Markets LLC purchased a new stake in shares of LATAM Airlines Group during the 4th quarter worth about $155,000. Point72 Asset Management L.P. purchased a new stake in shares of LATAM Airlines Group during the 3rd quarter worth about $205,000. Finally, Morgan Stanley raised its stake in shares of LATAM Airlines Group by 17.4% during the 2nd quarter. Morgan Stanley now owns 23,526 shares of the transportation company’s stock worth $220,000 after purchasing an additional 3,488 shares in the last quarter. 2.51% of the stock is owned by institutional investors.
About LATAM Airlines Group
LATAM Airlines Group SA, together with its subsidiaries, provides passenger and cargo air transportation services in Peru, Argentina, the United States, Europe, Colombia, Brazil, Ecuador, Chile, the Asia Pacific, and rest of Latin America. The company operates in two segments, Air Transportation; and Multiplus Coalition and Loyalty Program.
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