Macquarie have downgraded Qantas to neutral sighting the airline as being between a rock and a hard place

Macquarie have downgraded Qantas to neutral sighting the airline as being between a rock and a hard place. AGM commentary and further weak operating statistics have highlighted the tough operating conditions for QAN at present. Despite the tough market conditions, our data suggests that there will be increased domestic capacity in 2H14, with VAH looking to add ~7% capacity. Downgrade to Neutral.