Could Flight Centre shares still be a buy after hitting another 52-week high?

Shares in the travel company can't stop climbing. Is it too late to buy?

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Well, it's another week, and another 52-week high for the Flight Centre Travel Group Ltd (ASX FLT) share price. It was only last Thursday that we were discussing what was then a new 52-week high for Flight Centre shares. Back then, this ASX 200 travel stock hit a new high of $22.80.

Today, the investors decided that that wasn't good enough. Flight Centre shares closed on Monday a decent 0.65% higher at $23.36 a share. You might notice that this current level already exceeds last week's new high watermark. But earlier this morning, Flight Centre rose as high as $23.50 a share. That's the latest 52-week high.

It puts the company's 2023 gain so far at an impressive 62.4%:

After this latest chapter in what has been a rare epic 2023 run, many Flight Centre investors might be wondering whether this travel stock is still a buy today.

Are Flight Centre shares still a buy after a new 52-week high?

Luckily for them, there are a few ASX brokers who still reckon this stock has further to run.

As we covered earlier this month, ASX broker Ord Minnet upgraded its outlook on Flight Centre. The broker gave the company a buy rating, alongside a 12-month share price target of $26.75. If realised, that would see Flight Centre shares gain another 14.4% from where they currently stand.

But Ord Minnet isn't the only broker currently eyeing off Flight Centre. Wilsons is another broker that has given the company a buy rating. Wilsons isn't quite as optimistic as Ord Minnet, but still has a 12-month share price target of $26.40 on the travel company.

Both brokers were mightily impressed with Flight Centre's recent earnings guidance upgrade. This saw Flight Centre's management up its underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) estimate for FY2023 from a range of $270 million and $290 million to a range of $295 million and $305 million.

So no doubt this news will be welcomed by shareholders. But we'll just have to wait and see if the next 12 months are as rosy as these brokers are anticipating.

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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