Latam Airlines Group April Demand and Capacity Update

LATAM Airlines reported April capacity and demand growth of 8% and 7% YoY respectively, maintaining a load factor of 82.3%. Goldman Sachs remains Buy-rated on the stock with a $72.60 price target.

Key Takeaways

• 1.LATAM's April capacity (ASK) increased 8% YoY and demand (RPK) grew 7% YoY, consistent with historical seasonality.
• 2.International demand showed the strongest growth at +12% YoY, significantly outperforming domestic Brazil (+4%) and domestic SSC (+6%).
• 3.Goldman Sachs maintains a 'Buy' rating with an upside of approximately 46% based on a 12-month price target of $72.60.

Table of Contents

• Valuation and key risks
• Disclosure Appendix

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