Airline TPs broadly unchanged from slightly lower Brent price assumptions. Following our oil & gas team’s downward revision of our average in-house Brent assumptions (see here), we have revised our forecasts and target prices (TP) for the airline stocks we cover. While airlines are highly sensitive to oil prices (fuel costs account for around 30% and 40% of the total costs of HVN and VJC, respectively), we see a negligible impact on our TPs in this slightly lower average oil price scenario.