Antti and Kaisa have completed a comprehensive report on Finnair, which is available for everyone to read, just like our other initiation reports. 
Finnair has moved from post-crisis reconstruction to a new strategy period, where the company aims for profitable growth and strengthening non-ticket revenues while implementing a narrow-body fleet renewal. Although our near-term forecasts have risen significantly due to strong demand and pricing conditions in the early part of the year, we believe the sharp rise in the share price seen recently has priced in quite high expectations, especially when compared to industry valuation levels. Thus, the 12-month expected return for the share remains unsatisfactory in our base case scenario. Consequently, we are lowering our recommendation for Finnair to Sell (prev. Reduce), but raising our target price to EUR 3.80 (prev. EUR 3.0) following forecast upgrades and a decreased required rate of return.
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