UBS Upgrades Copa to Buy

UBS Upgrades Copa to Buy

Panama

UBS has upgraded the equity of Panama's Copa Airlines to buy from neutral after taking into account new company guidance and higher oil price assumptions. It assumes $90/bbl for Q4 instead of $72.50/bbl, and $85/bbl for 2008 instead of $70/bbl. It also reduced the Q4 EPS forecast by 4% to 84 cents. The shop's new share price target of $44, down from $52 reflects a revised target multiple of 12x PE 08E, from 13x before. "We continue to prefer COPA over LAN," says Citi. Risks to the airline includ

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial