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IAG Share Price Targets 170p After A Strong Rebound

IAG (LON: IAG) share price is having a strong bounce from its June lows. In the last two weeks, shares of International Consolidated Airlines have surged more than 5%. Technical analysis shows that there could be more upside for the stock in the coming days.

The UK shares are currently consolidating after a slight rebound in FTSE 100 index. The index fell by 10 points on Tuesday and also closed Monday with a slight loss. IAG shares were trading 0.27% lower and were changing hands at 163.45 till press time.

IAG To Procure 10 A320s From Airbus

In the latest International Consolidated Airlines news, the British Airlines owner is exercising its option to buy 10 A320neo aircraft from the aviation giant Airbus. According to the reports, the company intends to replace its existing A320neo with 10 new jets from Airbus by 2028.

In other news, RBC has started the coverage of IAG with sector performance rating. The latest target for IAG share price as set by RBC, is 1.80p. Analysts are expecting an increase in traveling this summer after a massive decline in the past two years.

IAG Share Price Loses Momentum

LON: IAG chart shows that the shares are crawling back up after a pullback at the end of June 2023. Although the price seems to have lost momentum, a retest of 170p level still seems to be on the cards. This will be a key retest to watch, as a rejection from this level will make IAG share price forecast extremely bearish.

The UK inflation and the state of the US & UK economies will continue to play a significant role in the price action of airline stock. If the major global economies enter a recession later this year, then the demand for air travel is likely to plunge.

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IAG share price daily chart
LON: IAG Daily Chart