Charles Stanley has upgraded its recommendation and target price for International Consolidated Airlines (IAG) from ‘reduce’ to ‘hold’ since it factored in non-fuel costs and other variables. The move has kept its earnings per share forecasts at 27 cents, while the target price is raised to 210p, from 200p. Since the stock floated on 24 January, €1.3 billion has been wiped off the equity value.

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