Aegean Airlines to Continue to Gain Market Share

Andrew Light of Citigroup Global Markets maintains his “buy” rating on Aegean Airlines SA (ATH: AEGN). The target price is set to €5.60.

Although Aegean Airlines’ EBIT of €27.7 million exceeded the estimates, it declined by 17.7% y/y. Moreover, AEGN’s net income and total revenues comfortably surpassed analyst expectations on the back of charter revenues and revenues generated through airport activities, Citigroup Global Markets said.

AEGN’s scheduled passenger revenues were in-line with the estimates, reflecting better than expected passenger volume and lower average ticket prices, Citigroup Global Markets added. Ticket prices were partly affected by the reduction of fuel surcharges. According to the analysts at Citigroup Global Markets, there is limited visibility in the outlook for Aegean Airlines and the company is expected to continue to gain market share.