IAG (LON: IAG) share price is on its way to hitting my predicted price target. Despite today’s pullback, I’m still confident that the stock still has at least another 5% room to grow. The latest analysis reveals that the bears are crawling back after a major relief rally.
On Monday, IAG shares turned red as the UK stocks showed a mixed price action. Till press time, the shares were down 1.3% and were changing hands at 163.85p. The benchmark FTSE 100 index also slid during the day and fell by 14 points.
IAG Initiates €35 Million Share Buyback Program
In one of the latest IAG news, the British Airways owner has launched a €35 million share buyback program to satisfy its share awards to executives and employees. The firm intends to repurchase around 15 million shares by August 3. This will represent 0.3% of the company’s share capital.
In one of the latest International Consolidated Airlines (IAG) news, top rating agency Moody’s has improved its outlook on IAG share price and has changed it from ‘stable’ to ‘positive’. However, IAG’s corporate family rating remained Ba2. Moody’s cited the company’s improved margins, passenger volumes, and earnings as the reason for the improved outlook.
IAG Share Price Heads For The Key Retest
Technical analysis reveals that LON: IAG chart can still go higher despite the ongoing pullback. Currently, the shares are 28%, up from the March lows. The stock appears to be heading for a retest of the 169p resistance which is a major level on its chart.
Global air travel is coming back to its pre-lockdown levels. A clear break above 169p can make the IAG share price forecast bullish. The higher likelihood is of a rejection from the 169p level. This may form a head & shoulders pattern on the daily chart in case of a deeper pullback.
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