Citi upgrades Wizz Air to ‘neutral’ from ‘sell’

Citi upgraded its recommendation on shares of budget airline Wizz Air to ‘neutral’ from ‘sell’ on Wednesday, keeping the price target at 2,300p.

The bank said that while Wizz will be burdened by higher costs in FY23, the company should exceed pre-pandemic levels of profitability in FY24, driven by the easing of unit cost ex-fuel and a better pricing environment.

"Meanwhile, the structural backdrop for Wizz remains supportive in the medium to long-term," Citi said.

At 1045 BST, the shares were up 1.2% at 2,075.00p