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Pin to quick picksWizz Air Share News (WIZZ)

Share Price Information for Wizz Air (WIZZ)

London Stock Exchange
Share Price is delayed by 15 minutes
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Share Price: 2,216.00
Bid: 2,212.00
Ask: 2,220.00
Change: 76.00 (3.55%)
Spread: 8.00 (0.362%)
Open: 2,136.00
High: 2,248.00
Low: 2,136.00
Prev. Close: 2,140.00
WIZZ Live PriceLast checked at -

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Deutsche Bank upgrades Wizz Air, hikes price target

Wed, 14th Feb 2024 14:30

(Sharecast News) - Deutsche Bank upgraded Wizz Air to 'hold' from 'sell' on Wednesday and hiked the price target to 2,300p from 1,800p.

The bank noted that in its 2024 outlook report on 4 December, it downgraded the shares for two main reasons. Firstly, fears that Q3 results on 25 January might act as a negative catalyst. Secondly, concern that GTF compensation might be unable to offset a deterioration in underlying trading, putting consensus estimates at risk.

DB said that while Q3 unquestionably turned out to be a very tough quarter, and while Wizz has underperformed easyJet and Ryanair by 7% and 3% over the period in question, the shares have nonetheless risen by 8% in absolute terms since 4 December. This has been helped by two things, according to Deutsche.

Firstly, a still very supportive backdrop in terms of supply and demand for intra-EU leisure and VFR (visiting friends and relative) travel in 2024, as evidence by the outlook commentary from all the low-cost carriers during recent reporting and by fares seen in DB's pricing analysis report from 6 February.

Secondly, it pointed to a better-than-expected outlook from Wizz in terms of how actions taken and compensation from Pratt & Whitney can potentially mitigate GTF engine issues over the next 12 months.

At 1440 GMT, the shares were up 2.2% at 2,109p.

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