Broker Liberum has described International Consolidated Airlines Group SA (LSE:IAG)'s (IAG) full-year results as "broadly reassuring," with 2023 guidance in line with expectations.
The figures showed the expected return to profitability for the British Airways (BA) owner as travel restrictions eased.
Liberum noted that management is forecasting a cautious outlook for the second half, as the recovery benefit is already reflected in comparatives.
The acquisition of Air Europa was well flagged, it added, but competition authority clearance "could still be a hurdle".
The broker maintained its 'buy' rating and 220p price target for IAG shares.
In early trade, the stock, which is up 26% in the year to date, was changing hands for 162.46p, down 1.8%.
Of the 15 banks and brokerages logged as following IAG, eight are positive on the prospects for the share price. The consensus target is 182p.