The Webjet Limited (ASX: WEB) share price has been in fine form over the last 12 months.
Since this time last year, the online travel agent’s shares have raced 50% higher.
Where next for the Webjet share price?
The good news for investors is that one leading broker still sees plenty of room for Webjet’s shares to climb from current levels.
According to a recent note out of Morgans, its analysts have an add rating and $8.97 price target on the company’s shares. Based on the current Webjet share price of $7.70, this implies potential upside of more than 16% for investors over the next 12 months.
And while the broker isn’t expecting any dividends this year, it does see potential for them to return in FY 2024. It has pencilled in a 19 cents per share dividend for that financial year, which represents a 2.5% dividend yield.
Morgans believes that the company is well-placed after coming out of the COVID crisis with a much stronger business. It said:
In our view, WEB hasn’t wasted a crisis and will come out of COVID with a materially lower cost base, consolidated systems and a large business in the US.
Is anyone else bullish?
It isn’t just Morgans that sees value in the Webjet share price.
A recent note out of Citi reveals that its analysts have a buy rating and $8.80 price target on its shares, whereas UBS has a buy rating and $8.60 price target on them. This implies potential upside of 14% and 12%, respectively, over the next 12 months.
All in all, it seems that Webjet shares could still have plenty left in the tank based on what these brokers are saying.
