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VJC [BUY +24.3%] - Soaring through the clouds - Update

We upgrade our rating on VJC to BUY with a total stock return of 24.3%. We increase our target price by 59.6%, reflecting: (1) new guidance for a much more aggressive international expansion in 2018 than previously expected, (2) higher ancillary revenue per passenger than we previously expected, (3) effective cost control and (4) updated peer multiples.