[24 September 2024]
Today, Tuesday 24 September 2024, StockCharts365.com has taken a closer look at Norwegian Air Shuttle ASA (ticker on the Oslo Stock Exchange: NAS).
The Norwegian Air Shuttle share has given interesting technical signals recently, and could be a good buy candidate at today's price level, StockCharts365.com believes.
The Norwegian major bank DNB also believes so. Read more about this below here.
First a little about the company, Norwegian Air Shuttle ASA (ticker on the Oslo Stock Exchange: NAS):
Norwegian is a leading airline group with headquarters in Fornebu, just outside Oslo in Norway. The group has over 8,200 employees and owns two of the leading airlines in the Nordics: Norwegian Air Shuttle and Widerøe's Flyveselskap. Norwegian acquired Widerøe in 2024 with the goal of making it easier for travelers to travel throughout the two airlines' route networks.
Norwegian Air Shuttle has approximately 4,700 employees and offers an extensive route network connecting the Nordic countries with a wide range of destinations in Europe. In 2023, Norwegian carried over 20 million passengers and had a fleet of 87 Boeing 737-800 and 737 MAX 8 aircraft.
Widerøe's Flyveselskap, Norway's oldest airline, is Scandinavia's largest regional airline. The airline has over 3,500 employees. Widerøe primarily serves airports with short runways regionally in Norway and, in addition to commercial routes, also flies several government contract routes with traffic obligations. In 2023, the airline had 3.3 million passengers and a fleet of 49 planes, of which 45 are Bombardier Dash 8 planes and three Embraer E190-E2 planes. Widerøe Ground Handling delivers ground services at 41 airports in Norway.
For more information about the company, visit their website here:
Technical Analysis of Norwegian Air Shuttle ASA (ticker on the Oslo Stock Exchange: NAS)
Technical Analysis of Norwegian Air Shuttle ASA (ticker on the Oslo Stock Exchange: NAS)
The Norwegian Air Shuttle share has broken out of the short-term falling trend, and has received at the support level at the lower trend line in the long-term rising trend that started around 2 years ago.
A buy signal has also been triggered for the share from a smaller inverted head and shoulders formation, which initially indicates a potential for the share at around the NOK 14.00 level.
The share has broken above the 50-day moving average, and should the share rise to the NOK 14.00 level, it will also break above the 200-day moving average.
Then a further potential for the share up to NOK 16.00 - 18.00 will be indicated in the 3-6 month term.
The overall technical picture for the Norwegian share is therefore positive, and StockCharts365.com's own analysis model 'The TradingList' is also in a buy signal for the Norwegian share.
What could potentially change the currently positive technical picture for the Norwegian share would be if it were to break below the 50-day moving average, which is currently around NOK 11.00.
StockCharts365.com is not alone in seeing the Norwegian share as an interesting buy candidate now, and recently (03 September) the major Norwegian bank DNB ASA reiterated its buy recommendation on Norwegian Air Shuttle ASA (NAS) and raised the price target to NOK 15.00 from the previous NOK 14.00
NAS: DNB MARKETS RAISES PRICE TARGET TO 15 FROM 14, REPEAT BUY
3 Sep 2024 08:56 Source: TDN Finance
Oslo (Infront TDN Direkt):
DNB Markets raises the price target on Norwegian Air Shuttle to NOK 15 per share, from NOK 14, and reiterates a buy recommendation. This is evident from an update from the brokerage house on Tuesday 03 September.
The brokerage house has increased the estimate for profit per share in 2024 by three percent, and for 2025 by 11 percent, which reflects better than expected traffic statistics in July and somewhat revised fuel price assumptions.
NB! Remember to have read and understood the disclaimer.
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