Qantas Airways Limited shares are closing in on an all-time high

Credit: Joits

The Qantas Airways Limited (ASX: QAN) share price continued its ascent on Friday and reached a nine-year high of $6.32.

This brought the airline’s year-to-date return to an impressive 89%, leaving its shares trading just a fraction off their all-time high.

Why are its shares continuing to climb higher?

With the airline benefiting from low oil prices, excellent capacity management, and improvements in trading conditions, brokers have become increasingly bullish on the company’s future prospects.

This recently led to investment bank Goldman Sachs upgrading Qantas’ shares to a buy rating and increasing the price target on its shares to $6.86.

Even after its impressive run, this price target still implies potential upside of over 8.5% for the airline’s shares.

In light of this, it wouldn’t be at all surprising to see Qantas ascend to an all-time high in the near future.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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