AIRBUS

Buy

Trading buying

 

  • AIR CMD did not live up to expectations
  • Leading people to cut 2016 numbers
  • 2016 EBIT was flat vs expectations of 8% growth
  • We are now off 15% in last two sessions
  • The downgrades are in the price for us
  • Trades on attractive multiples here and has limited downside to earnings.
  • We are happy to buy AIR sub EU41.20