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.
