IAG share price: Group appoints new Level CEO

on Sep 5, 2019
Updated: Mar 11, 2020

British Airways and Iberia parent International Consolidated Airlines Group (LON:IAG) has appointed a new boss of its transatlantic low-cost carrier Level, Reuters has reported. The update comes after the blue-chip company, which also owns Aer Lingus and Spanish low-cost carrier Vueling, disclosed in its traffic statistics last month that Level’s passenger numbers had soared 392.3 percent in July, even as the airline’s passenger load factor fell by 7.2 percentage points.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

IAG’s share price has gained ground in London this Thursday, having added 0.73 percent to 427.30p as of 10:45 BST. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index having drifted lower and currently standing 0.62 percent in the red at 7,265.67 points. The group’s shares have given up more than 38 percent of their value over the past year, as compared with about a 1.5-percent fall in the Footsie.

New CEO at Level

Reuters reported yesterday that IAG had appointed the top boss of its Iberia Express unit, Fernando Candela, as chief executive officer of Level. He will replace Vincent Hodder at Level and will take up the new role on September 9.

The newswire also noted that IAG had said that Candela has been the top boss at Iberia Express for six years and was previously director of planning and management control at Air Nostrum.

Analysts on IAG

UBS reaffirmed the British Airways and Iberia parent as a ‘buy’ this week, with a target of 705p on the IAG share price, while JPMorgan Chase & C reiterated its bullish stance on the stock last week, without specifying a valuation. According to MarketBeat, the blue-chip company currently has a consensus ‘buy’ rating and an average price target of 643.58p.

IAG is scheduled to update the market on its last month traffic tomorrow.

Stock Market Transport & tourism