Confortable SP positionYep ! Three days before the results, I'm comfortable with a 20$ SP.
In a risk/Reward perspective, this 20$ is the price for the negative scenario ( with a worst case scenario at 18$) ; a decline in yields, a booking affected by bad economics, a high fuel price and....a downward revision of the 3,9 B$ EBITDA forecasts). All that already almost computed in the SP of 18$-20$.
Any results above this situation, like stability ( stability on bookings, EBITDA on track with forecasts etc) will drive a better SP. Look at the US airlines, Air Canada lags behind them.
So, the risk is minimal; I wouldn't go so far as to say ''a dream situation'' but at least, an advantageous risk/return position.
Let's see.