** Shares of airliner Virgin Australia VGN.AX rise as much as 2.8% to A$3.30, their highest level since June 27
** UBS initiates coverage of stock with "Buy" rating and 12-month price target of A$3.90 per share
** Sees compelling earnings outlook into FY26 with relatively stable fares, falling fuel expenses, and transformation benefits
** UBS says VGN has simplified its portfolio and strategy since pre-Covid
** Says VGN is more likable now compared with when it was previously listed with no more loss-making long haul international, among others
** UBS forecasts 16% FY26 EPS growth, driven by airline revenue growth of 4.8%, margin expansion from lower fuel and some transformation benefits retained
** VGN gained 2.9%, as of last close, since its return to ASX-listing on June 24
(Reporting by Sherin Sunny in Bengaluru)
((Sherin.Sunny@thomsonreuters.com))
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