The Qantas Airways Limited (ASX: QAN) share price has been a market-beater over the last 12 months.
During this time, the airline operatorās shares have risen approximately 31%.
But will the new financial year be just as kind? Letās find out what analysts are saying.
Could the Qantas share price keep ascending in FY24?
While it is impossible to say what will happen over a 12-month period, all signs are pointing to the Qantas share price continuing its ascent.
For example, the broker community is overwhelmingly positive on the company and its outlook.
No less than five leading brokers have the equivalent of buy ratings on its shares with price targets implying potential returns of approximately 30% or greater.
Morgans is one of the most bullish brokers and has an add rating and $8.50 price target on its shares. Based on the current Qantas share price of $6.07, this suggests an upside of 40% from current levels.
Its analysts note that āairlines are now in the sweet spot given demand is massively exceeding supply.ā
However, it points out that āQAN is trading at a material discount compared to pre-COVID multiples, despite having structurally higher earnings, a much stronger balance sheet, a better domestic market position, a higher returning International business and more diversification.ā
It is a similar story over at Goldman Sachs, where its analysts also have a buy rating and an $8.50 price target on its shares. Goldman has suggested that āthe stock is not even pricing in a ‘generic’ recovery, let alone improved earnings capacity.ā
What else?
Also potentially of note is that short sellers are staying well clear of Qantas shares.
The most recent data from ASIC reveals that just 0.36% of its shares are held short at present. This is down from a modest 1% a year ago.
If the smart money isnāt betting against the Qantas share price and brokers are recommending it, then thereās arguably little in its way to climbing higher if it continues to deliver strong earnings.
But time will tell what happens in FY 2024.
