The Qantas Airways Limited (ASX: QAN) share price has been out of form so far in 2021.
Since the start of the year, the airline operator's shares are down almost 4%. This compares to a 10% gain by the S&P/ASX 200 Index (ASX: XJO) over the same period.
However, that only tells you half of the story. Things were going a lot better for the Qantas share price earlier in the year.
For example, just four months ago Qantas shares were trading at $5.50. This means the airline's shares have fallen 14.2% since peaking at that level.
What is happening with the Qantas share price?
The volatility in the Qantas share price in 2021 has been driven by uncertainty relating to the recovery of the travel market.
Earlier this year when Australia was COVID-free, Qantas was busy planning to increase its capacity to take advantage of the strong recovery in the domestic travel market. At that point, investors were scrambling to buy Qantas shares and driving them higher.
However, since then, outbreaks of COVID-19 have caused lockdowns across several states, grounding a good portion of the airline's domestic fleet. This has spooked investors, sending many to the exits.
Is this a buying opportunity?
The good news for investors is that the majority of brokers in Australia believe the Qantas share price is in the buy zone right now.
For example, late last month analysts at Morgan Stanley put an overweight rating and $7.00 price target on the company's shares. This implies potential upside of 48% over the next 12 months.
Elsewhere, at the end of May, the team at Citi put a buy rating and $5.89 price target on Qantas shares. This represents potential upside of 25% from where it trades today.
Finally, analysts at Goldman Sachs currently have a buy rating and $6.38 price target. Its analysts believe Qantas is a top recovery investment option for investors. Particularly given its strengthening market position and cost reduction program.