IAG shares were upgraded on Monday by Stifel following another upgrade to Buy from BofA last week.

Stifel analyst Johannes Braun upgraded IAG to Hold from Sell after a recent string of positivity that could boost the airline industry.

Braun has become “a bit more constructive” on the European flagship carriers, stating they are benefitting from resilient transatlantic traffic, the gradual reopening of Asia and more manageable fuel cost headwinds.

So, how has IAG fared over recent months?

The group reported its Q3 earnings back in October. IAG returned to an operating profit of €1.2 billion and announced revenue was up 0.9% to €7.3 billion compared to pre-pandemic levels.

Overall, IAG Chief Executive Officer put it best: “We achieved another strong performance in the third quarter.”

Its share price has managed to recover 24% over the last three months after a significant fall earlier in the year. Even with the recent gains, the stock is still down 11.4% this year.