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Jan 14 2026, 07:00 GMT
Airlines
The Sun Also Rises
- Sectors : Airlines
- Companies : Lufthansa | Jet2 plc | On the Beach Group plc | Air France KLM | Norwegian Air | IAG | Wizz Air Holdings | Ryanair Holdings | easyJet
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Air France KLM | NEUTRAL | 14/01/26 | Outperform | 17/05/23 | 1125c |
| easyJet | NEUTRAL | 16/01/25 | Outperform | 24/01/22 | 492p |
| Wizz Air Holdings | NEUTRAL | 17/01/24 | Outperform | 12/01/23 | 1290.0p |
| IAG | OUTPERFORM | 14/01/26 | Neutral | 17/01/24 | 411.0p |
| Lufthansa | OUTPERFORM | 24/01/22 | Underperform | 08/06/20 | 878c |
| Norwegian Air | NEUTRAL | 01/09/15 | Underperform | 22/01/15 | 1578nok |
| Ryanair Holdings | OUTPERFORM | 07/12/09 | Neutral | 02/11/09 | 2874c |
| Jet2 plc | NEUTRAL | 14/01/26 | Outperform | 05/06/24 | 1379p |
| On the Beach Group plc | OUTPERFORM | 03/07/25 | N/A | N/A | 223p |
DAVY VIEW
The aviation industry may have lost nearly half a decade of growth (almost a ‘lost generation’) during the pandemic, but we believe earnings are in the middle of an upcycle. We are in a golden period. We think that industry supply issues have troughed but will only slowly improve. The Original Equipment Manufacturer (OEM) deliveries are increasing, but engine issues continue to constrain the market.
