IAG (LON: IAG) share price has bounced off strongly from its March 2023 lows. The shares of International Consolidated Airlines are currently 23%, up from the lows. The latest analysis shows that the stock of the British Airlines owner is still not out of the woods.
After a negative price action on Monday, IAG shares closed 0.91% higher on Tuesday. On Wednesday, the shares surged to their fresh 8-week high of 158.45p. This has been the highest level for the stock since February 28.
Liberum Raises Price Target For LON: IAG
The latest data shows that the European airline industry is thriving despite a weak economic outlook. According to Liberum Capital, the capacity of different airlines looks a bit constrained on the European roots. The investment giant considered the weak fuel prices a positive sign for earnings across the whole airline industry.
Consequently, Liberum Capital has kept a buy recommendation on the shares of International Consolidated Airlines Group. The investment bank has also raised its price targets for EasyJet and Ryanair. The new targets for both airline shares are 690p and EUR19, respectively.
IAG appears to be Share Price Is Still Not Out Of The Woods
The LON: IAG stock chart shows a clear break from the uptrend on the daily timeframe. As long as the price remains below the upward trendline, the IAG share price forecast will stay bearish. Another critical level on the chart is the 169p resistance which has resulted in multiple rejections.
Currently, the shares are trading at 0.618 Fib retracement level, which may also result in a pullback. If the stock gains strength above 157p, then I expect another retest of the 169p level. A breakout above this level may send the price above 202p.
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