How high does Macquarie think Qantas shares will go?

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Shares in travel companies such as Qantas Airways Ltd (ASX: QAN) have been under pressure since the start of the Iran conflict in late February. Shares in the national carrier were trading just shy ...

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One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2620629466"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2620629466\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2620629466?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-03-19 09:11","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2620629466","market":"nz","top_or_hot":-1,"title":"How high does Macquarie think Qantas shares will go?","media":"MotleyFool","content":"<div>\n<p>Shares in travel companies such as Qantas Airways Ltd (ASX: QAN) have been under pressure since the start of the Iran conflict in late February. \nShares in the national carrier were trading just shy ...</p>\n\n<a href=\"https://www.fool.com.au/2026/03/19/how-high-does-macquarie-think-qantas-shares-will-go/\">Source Link</a>\n\n</div>\n","source":"motleyfoolau_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow high does Macquarie think Qantas shares will go?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-19 09:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com.au/2026/03/19/how-high-does-macquarie-think-qantas-shares-will-go/><strong>MotleyFool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares in travel companies such as Qantas Airways Ltd (ASX: QAN) have been under pressure since the start of the Iran conflict in late February. \nShares in the national carrier were trading just shy ...</p>\n\n<a href=\"https://www.fool.com.au/2026/03/19/how-high-does-macquarie-think-qantas-shares-will-go/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7511","symbol_name":"ESG概念","start_time":0,"source_url":"https://www.fool.com.au/2026/03/19/how-high-does-macquarie-think-qantas-shares-will-go/","article_id":"2620629466","we_media_id":null,"thumbnails":[],"rights":{"source":"motleyfoolau_stock","url":"https://www.fool.com.au/2026/03/19/how-high-does-macquarie-think-qantas-shares-will-go/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2620629466","pubTimestamp":1773882717,"columns":[],"sourceInfo":{"source_id":"motleyfoolau_stock","name":"MotleyFool"},"weMediaInfo":null,"summary":"Shares in travel companies such as Qantas Airways Ltd  have been under pressure since the start of the Iran conflict in late February.Shares in the national carrier were trading just shy of $10 when the first attacks were launched by the US and Israel, and are now changing hands for $8.49, although keep in mind the shares went ex-dividend during this time.The team at Macquarie have had a look at Qantas's valuation in light of the conflict and believe that there's still plenty of upside to be had.That said, they believe that jet fuel costs in the short term will be a negative.Entering the third week of the conflict, we adjust our earnings forecasts down to reflect a structurally higher crack spread for the rest of FY26, and the limited ability to pass through the higher costs. With 90 days to run, much of the sales have already been made across international, domestic and Jetstar.The Macquarie team also believes Qantas has some flexibility in capital management.On any disruptions caused","collect":0,"end_time":0,"defaultTopTitle":"fool.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7511":"ESG概念","BK7030":"航空公司","BK7046":"综合性资本市场","MQG.AU":"Macquarie","QAN.AU":"QANTAS AIRWAYS LIMITED"},"translate_title":"麦格理认为澳航股价会涨到多高？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MQG.AU":1.5,"QAN.AU":1.5},"content_text":"Shares in travel companies such as Qantas Airways Ltd (ASX: QAN) have been under pressure since the start of the Iran conflict in late February. \nShares in the national carrier were trading just shy of $10 when the first attacks were launched by the US and Israel, and are now changing hands for $8.49, although keep in mind the shares went ex-dividend during this time.\nImage source: Getty Images\nQantas shares still good value\nThe team at Macquarie have had a look at Qantas's valuation in light of the conflict and believe that there's still plenty of upside to be had.\nThat said, they believe that jet fuel costs in the short term will be a negative.\nAs they said in their research note to clients:\n\nEntering the third week of the conflict, we adjust our earnings forecasts down to reflect a structurally higher crack spread for the rest of FY26, and the limited ability to pass through the higher costs. With 90 days to run, much of the sales have already been made across international, domestic and Jetstar.\n\n\"Crack spread\" refers to the differential between the cost of a barrel of crude oil and the cost of refined products such as jet fuel.\nThe Macquarie team also believes Qantas has some flexibility in capital management.\n\nBalance sheet remains robust. FY26 dividend we anticipate would move back to the base level of about $0.396 per share, i.e., 4.6% yield, reflecting a 50% payout if the $150m share buyback is executed, which remains our default assumption. Leverage remains in the low half of the preferred range post downgrades, and recent currency strength should aid future capex spend.\n\nOn any disruptions caused by the Iran conflict, Macquarie says Qantas has flexibility, being able to retire planes or delay capital expenditure.\nPrice target lowered\nMacquarie has lowered its target price for Qantas by 40c per share, but at $11.60 their price is still well above where the stock is trading currently.\nQantas also recently settled a class action relating to flight credits during the pandemic, which was lodged against the company in August 2023.\nUnder the terms of the settlement Qantas agreed to payd $105 million with no admission of liability.\nQantas said earlier this month:\n\nThe class action related to flights scheduled to depart between 1 January 2020 and 1 November 2022 that were cancelled by Qantas, and included allegations that the airline breached its contractual obligations regarding refunds. In August 2023, Qantas removed the expiry date on flight credits issued during Covid, meaning customers can request a cash refund indefinitely.\n\nQantas said it would recognise a provision for the settlement in its second half results.\nQantas is currently valued at $13.2 billion.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}