An analyst at Scotiabank has cut price targets for almost every transportation and aviation stock on his coverage list, citing concerns around how a potential recession could impact these sectors.
Konark Gupta, analyst at Scotia Capital, cut the price targets of eight companies by an average of 12 per cent, out of the 14 companies he covers.
“As investor concerns are picking up that the Fed’s hawkish approach could trigger a downturn, we are making even more cuts to our long-term estimates across our coverage universe while also incorporating the effects of CAD weakness,” Gupta said“Although the path remains unclear, we are of the view that a potential recession could be less damaging for the aviation sector than freight transportation as consumption is shifting toward services from goods coming out of the pandemic.
“Air travel demand appears to be trending up despite macro headwinds while labour shortage continues across the industry.”DOWNGRADING MULLEN GROUP
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Goldman Sachs says too early to price in a U.S. Fed policy pivot - BNN BloombergGoldman Sachs analysts say it's “too early” to price in a dovish turn in Federal Reserve policy as the economic outlook isn’t bad enough yet, and rates markets remain too volatile.
Read more »
U.S. stocks decline as rising yields sap risk appetite - BNN BloombergStocks fell, pressured by rising Treasury yields and signs that company earnings were set to disappoint. A gauge of the dollar climbed to the highest this month.
Read more »
Exxon Mobil weighs takeover of oil recovery specialist Denbury - BNN BloombergExxon Mobil is considering a takeover of Denbury an oil and gas producer with the largest carbon dioxide pipeline network in the U.S., according to people familiar with the matter.
Read more »
Canadian companies turning to amenities to lure staff back to offices - BNN BloombergThe thinking at many companies is that staff might not be keen on returning to the office without something to ease the transition — such as a splashy new space with catered lunches, room for workouts and other perks like childcare.
Read more »
The Daily Chase: Markets navigate global uncertainties; Expert warns of risks ahead for homeowners - BNN Bloomberg🏦Bank of England's 'fire sale' warning ‼️ IMF: 'Worst is yet to come' 🏡'Serious pain' for some homeowners Here's what you need to know today:
Read more »