After testing below the 10,000 level, the market has entered a recovery phase. Led by bank stocks, the BIST-100 index has made efforts to stay above the 10,000-point mark. Among the noteworthy stocks during this recovery is Pegasus.
According to a report by Global Securities dated June 11, 2024, a target price of 307.30 TL has been set for Pegasus’ stock, with a “buy” recommendation for investors. This indicates a 55% return potential based on yesterday’s closing price.
The report highlights that Pegasus, as a low-cost airline, has the advantage of a faster recovery during challenging periods, making it stand out in terms of growth potential. Additionally, Pegasus’ fleet renewal program is noted as an attractive investment theme.
Under its fleet renewal program, Pegasus continues to purchase new aircraft, ensuring it has one of Turkey’s youngest fleets. This is expected to contribute to growth and unit profitability in the medium to long term.
The report also mentions that Pegasus saw a 28% increase in passenger numbers in the first quarter of 2024, with strong growth performance in international flights. Moreover, the increase in ancillary revenues and the differentiation in unit costs present a positive outlook.
However, the report cautions against ignoring risks such as the potential impacts of fuel prices and personnel costs on profitability.
Following the publication of the report, Pegasus shares recorded a 7.06% increase today, indicating investor confidence.
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