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(Sharecast News) - Peel Hunt analysts described International Consolidated Airlines Group's latest full-year figures as "positive all around" but stuck to their 'hold' recommendation on the shares and 135.0p target price.
The results were "slightly" ahead of their estimates (and consensus), net debt was lower and 2023 guidance was to be "at least" in line with the analyst consensus, they explained.
They also considered the overnight announcement of its purchase of Air Europa as "positive", adding that they expected the shares to move higher.
"If approved by the regulators, Air Europa will generate strategic benefits, allowing the group to turn Madrid into a hub with the connectivity and market share similar to other major hubs," they said.
Furthermore, the outlook for 2023 was also "positive" given that capacity was expected to recover to 98% of its 2019 levels, against the 95% that they had penciled in.
