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Investing.com - Barclays upgraded Norwegian Air Shuttle ASA (OTC:NWARF) from Equalweight to Overweight on Monday, raising its price target to NOK17.75 from NOK17.00.
The upgrade reflects Norwegian Air’s strong strategic position and benefits from the strengthening Norwegian krone, according to the investment bank. Barclays noted the airline’s trading is strengthening through the summer and into autumn, supported by modest capacity plans.
While recent performance has been affected by rising non-fuel unit costs, Barclays expects cost growth to slow in coming quarters as the company cycles against high inflation comparison periods.
The bank highlighted that Norwegian Air’s conservative winter growth strategy should support unit revenues going forward.
Barclays also pointed to ongoing benefits from synergies with Wideroe, a regional airline that Norwegian Air has been integrating into its operations.
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