Northern Pegasus Back Rising Airlines.

It is no secret that airline stocks have enjoyed a recent reversal of fortunes, and now Northern Pegasus have joined a growing number of analysts encouraging buys in the sector.

The statements came off the back of a new full-year high for the NYSE Arca Airline index last week, with the analysts stating that demand for airline travel, particularly in Asia and Latin America, is once again surging.

The current trend represents a dramatic reversal of fortune from the height of the economic crisis, which sent about a dozen airlines careening into bankruptcy as revenue plunged and oil prices rose. Airlines were vilified for tacking on fees for services that used to be free, including making passengers pay for the privilege of picking their seats. But now, investors see no reason for the good times to end.

Shares of the biggest carriers including American Airlines parent AMR Corp. (AMR), Continental Airlines (CAL), US Airways (LCC) and UAL Corp. (UAUA), parent of United Airlines, are each up more than 200% over the past year. Low-cost carriers Southwest Airlines (LUV) and JetBlue Airways (JBLU) are up a comparably modest 136% and 37% respectively.

That said, there are also reasons to be sceptical; the International Air Transport Association on Thursday slashed its forecast for the global airlines industry's loss in 2010 to $2.8 billion, from a December prediction of $5.6 billion. But as the Northern Pegasus analysts highlighted in their recent statement, demand for airline travel is surging in Asia and Latin America. The U.S. market has also shown recent signs of a revival.

Late last year, Northern Pegasus also projected that corporate travel spending would rise in 2010 as companies began to re-open their wallets. That prediction seems to be coming true.
However, the analysts did sound a note of caution to investors regarding oil prices: The International Energy Agency raised its forecast for global petroleum demand on Friday because of surging economic activity.

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