GOL up on stock upgrade and prospects of recovery: LCC SHARE WRAP
GOL's shares rose to the highest level in 14 months in Sao Paulo trading yesterday after Banco Santander raised its rating for the carrier’s stock from “underperform” to “hold”.
The increase reflected the Brazilian airline’s “improved operating performance, profitability, and balance sheet”. Banco Santander added that “second-quarter results and July traffic indicate that Gol’s turnaround process is succeeding.” The carrier, which gained 9.6% yesterday, was the largest upward mover on the Bovespa index.
Selected LCCs daily share price movements (% change): 18-Aug-09