Following our Oil & Gas team’s revision of our average in-house Brent price assumptions (see here), we have slightly revised down our forecasts and target price on airline stocks, all else equal. Fuel costs account for around 30% and 40% of HVN and VJC’s total costs, respectively. We note we have maintained our pass-through assumption (% of fuel cost rise that is passed-through to air fares) for both HVN and VJC. This is because HVN and VJC continue to enjoy a duopoly market landscape