The analyst asks if it's time to change his opinion on the stock? We don't think so', says UBS. He therefore retains his neutral recommendation on the stock, but raises his target price to 660 pence (from 644 pence), which represents potential upside of 18%.

' We are updating our price target and analyzing the main topics of discussion: i) earnings from tourism operations; ii) peak period hotel earnings; iii) FCF generation. We currently remain cautious," says UBS.

The tour operator has reaffirmed its outlook for full-year sales growth of at least 10% and an improvement of more than 25% in current operating profit (Ebit).

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