Jefferies, a reputed brokerage, has revised downward its earnings predictions for fiscal 2024 for Qantas Airways (ASX:QAN), Australia’s flagship carrier.

This reduction in estimates stems from increased fuel expenses and the anticipated postponement of the airline sector’s recovery until the second half of fiscal 2024.

The FY24 Earnings Per Share (EPS) has been trimmed by 4.6%, according to Jefferies.

Furthermore, they have slashed the Price Target from A$9.15/share to A$8.78/share.

Jefferies believes that the FY24 results of Qantas will mirror that of FY23.

As of the last closure, the stock has seen a 3.5% increase this year.

An aggregated review of analysts' ratings shows 14 out of 16 rating the stock as ‘buy’ or higher, while two maintain a ‘hold’ position.

Their median Price Target is A$8.50, according to Refinitiv data.

Qantas Airways (ASX:QAN) is Australia’s largest airline and flag carrier, operating extensive domestic and international service.