Flight Centre Travel Group Ltd shares reach a multi-year high

The Flight Centre Travel Group Ltd (ASX: FLT) share price continued its strong run on Thursday and climbed to a multi-year high of $53.67.

This brought the travel agent’s 12 month return to a staggering 82%.

Why are its shares at a multi-year high?

Flight Centre’s shares have been on a tear over the last couple of weeks thanks largely to a positive broker note out of UBS.

According to that note, analysts at the investment bank upgraded the company to a buy rating and placed a price target of $53.60 on its shares.

The catalyst for the upgrade was the broker’s opinion that Flight Centre was positioned to benefit from the return of more rational competition, the growth of its online business, and operating efficiencies.

Investors won’t have to wait long to see if this is the case. The travel company is scheduled to release its half-year earnings on February 22.

Industry peer Webjet Limited (ASX: WEB) is also expected to release its results on the same day, a day after the Corporate Travel Management Ltd (ASX: CTD) release.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and Flight Centre Travel Group Limited. The Motley Fool Australia has recommended Webjet Ltd. 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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