Lone Qantas Bear Warns of Risk From $13 Billion Fleet Tab

The last remaining bearish analyst covering Qantas Airways Ltd. is defying the stock’s record rally, warning that the airline may yet be undone by a A$20 billion ($13 billion) bill to replace its aging fleet.

Morningstar’s Angus Hewitt has the only sell rating on Qantas among 16 analysts tracked by Bloomberg. He’s watched on this year as shares in the Australian airline blasted through the target prices of his bullish rivals. The stock’s 65% surge in the 12 months through last week makes Qantas the fourth-best performer on the Bloomberg World Airlines index.