July 20, 2018 / 5:58 AM / 5 months ago

Airbus shares upgraded to 'buy' rating by Citigroup

FILE PHOTO - Logo of Airbus is seen as an Airbus Beluga XL transport plane prepares to take off during its first flight event in Colomiers near Toulouse, France, July 19, 2018. REUTERS/Regis Duvignau

PARIS (Reuters) - U.S. investment bank Citigroup raised its stock market rating on Airbus (AIR.PA) to “buy” from “neutral”, citing positive impacts from pricing and more favourable foreign exchange movements.

“In 2023, we now see foreign exchange providing a 300-400 million euros tailwind versus 2017 compared with a 900-1,000 million euros headwind previously. A320 pricing looking positive as sold out to 2024,” Citigroup wrote in a research note.

Citigroup set a price target of 134 euros on Airbus shares, which closed at 107.08 euros on July 19 - close to a record high of 109.10 euros reached this week.

Airbus shares have risen around 30 percent so far in 2018.

Boeing (BA.N) claimed victory on Thursday after outselling rival Airbus at this week’s Farnborough Airshow, where the world’s largest planemakers repeated last year’s comparable haul of around 900 orders with the help of leasing industry demand. [nL8N1UF4RI]

Reporting by Sudip Kar-Gupta; Editing by Sunil Nair

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