WEB - UBS rates as Upgrade to Buy
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UBS believes the core B2C business should continue to benefit from the structural shift of bookings transitioning online and the company is also well-positioned to take its share of the $70bn B2B market.
The broker believes FY18 potential is skewed to the upside and the recent downgrade, while disappointing, produced a share price reaction that was overdone.
The valuation is appealing and the broker upgrades to Buy from Neutral. Target is raised to $12.60 from $11.60.
Target price is $12.60.Current Price is $10.14. Difference: $2.46 - (brackets indicate current price is over target). If WEB meets the UBS target it will return approximately 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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