Exane BNP Paribas upgraded Wizz Air’s (LON: WIZZ) rating to Neutral from Underperform in a note Friday, with a new price target set at 2000p per share.

According to the firm, there are cost headwinds for airlines that will be difficult to counter, along with macro headwinds driving yield pressure.

Furthermore, the investment bank’s research note explains that there is no evidence of business travel picking up significantly into 2024.

The upgrade was part of a wider note by the firm, which saw it alter airline rating changes to position itself for next year.

Elsewhere on Friday, RBC Capital analysts lowered their firm’s price target on WIZZ to 3,200p from 3,400p, keeping an Outperform rating on the stock. Barclays also raised its price target on Wizz Air to 1,525p from 1,500p, maintaining an Underweight rating on the low-cost carrier.

Wizz Air’s shares dipped around 1.5% Friday, adding to its recent losing run that has seen its stock price decline almost 45% in the last six months.

By Sam Boughedda