The brokerage firm, Citi, has reported that Qantas Airways (ASX:QAN)’s annual profit meets the consensus estimates and has subsequently decided to raise the price target.

Qantas Airways' annual profit before taxes, totalling A$2,465 million, aligns closely with the Visible Alpha consensus of A$2,452 million.

Citi has raised their price target to A$6.95 from A$6.90, whilst maintaining a ‘neutral’ rating on the company.

Looking ahead, Citi expressed a more mixed outlook for the company, citing momentum in the International and Jetstar affairs, being offset by dynamics in the Domestic sector, decreasing ticket prices, high fixed costs, and increasing capital expenditure.

On a different note, Jefferies has lowered their earnings forecast for fiscal 2024 for Qantas Airways, reducing the price target to A$8.78/share from A$9.15/share.

They attribute this downgrade to rising fuel costs and a delay in the sector recovery until the latter half of fiscal 2024.

Out of 16 analysts, 14 rate the Qantas Airways stock a ‘buy’ or higher and the other two rate it as a ‘hold’.

These analysts have a median price target of A$8.50, according to Refinitiv data.

As of the last close, the stock has risen 3.5% this year.

Qantas Airways is a major Australian airline known as Australia’s largest international and domestic airline.