Qantas Airways' (ASX:QAN) business remains "well positioned" to benefit from its strong market position despite its recent cut to earnings guidance, according to a Friday Jefferies note.

The company on Friday said its capacity guidance in the first half of fiscal year 2026 is now slightly lower than previously guided due to the "entry into service timing of returning A380 fleet."

The investment firm said that the airline's softer revenue per available seat kilometer (RASK) is "disappointing," but is not seen as structural, nor is the impact from the higher refinery margin.

Jefferies kept a buy rating on Qantas and lowered its price target to AU$13.27 from AU$14.45.

The airline's shares rose 1% in recent Monday trade.