With the price of oil high, I don't know what this analyst...

With the price of oil high, I don't know what this analyst smokes:

(from 'The Australian'):

"Continued momentum at Qantas through financial year 2023 is likely to see earnings soar higher than pre-Covid levels by FY24.

"Buying into Qantas' growth initiatives post-recovery is a different proposition to investing in QAN for the recovery itself – however we think there's enough valuation support without assuming much from such initiatives," says an upbeat note from UBS equity analyst Andre Fromyhr.

"The FCF (free cash flow) outlook is also positive but less clear, partly due to use of latent Covid credits, but also because Qantas is already investing in growth: reinstated capex in FY23 (guidance $2.3-2.4b); Project Sunrise with about $3b new aircraft from FY25; planned acquisition of Alliance Aviation (if approved) with $614m of scrip; and 51 per cent acquisition of holiday booking site TripADeal," the note highlights.

UBS maintains a buy rating on Qantas with a new higher price target of $6.75, compared to $6.65 previously."