We nudge up our target prices for our airline stock coverage and raise our rating on HVN to BUY from OUTPERFORM as we slightly lower our average Brent price assumption for 2019. Following our oil & gas team’s downward revision of our average in-house Brent assumption for 2019 (see here), we have increased our forecasts, all else equal, for the airline stocks we cover. While airlines are highly sensitive to oil prices (fuel costs account for around 27%-30% of the total costs of HVN and 40%-45% of