Pegasus Stocks Surge Post Earnings; Coca-Cola Faces Decline

ISTANBUL, Turkey — Pegasus Airlines stocks opened higher today following the release of its 2024 financial results, climbing 4.27% to 262.50 TL from a previous close of 251.75 TL. The airline reported a 50% increase in fourth-quarter revenue compared to the same period last year, although profits saw a sharp decline of 82%. Nevertheless, these figures were better than market expectations.

“The quarterly revenue and EBITDA exceeded our forecasts, positively impacting the stock price,” said an analyst at Garanti BBVA. Following the earnings announcement, several brokerage firms adjusted their target prices for Pegasus, with Garanti BBVA setting its target at 376 TL, Alnus Investment at 381.21 TL, and Vakıf Investment at 382 TL.

Meanwhile, Coca-Cola İçecek witnessed a drop in its stock price, falling 3.25% to 52.05 TL from a close of 53.80 TL. During the trading session, the stock reached a low of 51.40 TL. The company reported fourth-quarter sales revenues of 22.1 million TL and an alarming net loss of 351 million TL, falling short of analysts’ expectations.

Brokerage firms reacted to Coca-Cola’s financial results, with Garanti BBVA lowering its target price for the stock to 75.40 TL and Halk Investment to 70.10 TL. However, Ak Investment and Yapı Kredi Investment kept their targets fixed at 84 TL and 87 TL, respectively.

The automobile sector saw a turbulent month in February, as stocks of several companies fell substantially. Tofaş stocks decreased by 12.4%, Tümosan Motor and Traktör by 9.6%, and Anadolu Isuzu by 8.8%. Other major players such as Doğuş Otomotiv and Ford Otosan experienced drops of 8% and 5.1%, respectively.

“February was tough for the automotive sector; nearly all companies lost value,” remarked an industry analyst. Karsan Otomotiv reported the most significant decline at 14.8%.

Despite the downturn, Karsan managed to secure a contract with Italy’s Campania Regional Administration to deliver 42 electric e-ATAK models by year’s end. The company continues to expand its presence in Italy, recently providing 12 electric e-JEST vehicles to the Florence Metropolitan Municipality.

Tofaş announced ambitious targets for 2025, expecting domestic sales between 110,000 and 130,000 units, down from 143,700 last year, with export numbers rising significantly from 33,600 to as high as 90,000 units.

The market’s fluctuation has been attributed to various factors, including ongoing recession fears and the impact of former U.S. President Donald Trump‘s trade tariff policies, which are causing significant volatility in global markets.

In a follow-up to market scrutiny, authorities revealed details of an operation targeting alleged manipulative trading activities where 17 suspects were detained, including noted stock trader Hasan Meşe. They are accused of orchestrating manipulative transactions involving Başkent Doğalgaz Dağıtım Gayrimenkul Yatırım Ortaklığı (BASGZ) shares during mid-2021.

Aside from market manipulation, the euro approached 1.07 against the dollar, with the euro reaching a historic high of 39.0689 TL, surpassing 39 TL for the first time. Analysts suggest that the euro’s rise reflects the European Central Bank’s continuing tight monetary policy stance amid global market uncertainties.