Interesting SP development ... but it feels to me more and more like an approaching peak.
Analysts are as well much more careful when assessing this stock (12 month consensus in 4 traders is $2.23 (with a quite close range from $2.10 to $2.31) together with a "hold" recommendation.
RSI is around (and currently slightly above 70) - in overbought territory (and this already for some time).
I do see the still juicy forward PE of 8.8 which is somewhat inconsistent with the 12 month consensus (though - maybe there is a reason?) - but I think that analysts are as well starting to wonder when the current boom period ends.
Admittedly - oil might stay in the current region for a long time to come, given the oversupply and the ease to increase the supply if the price goes just slightly further up (though I don't know anybody who in the past predicted the oil price with any sort of accuracy), but this is obviously good for the competition as well.
The US might put funny restrictions on Muslim carriers, but in the long term I don't see this sticking. If there is a real threat, than any restriction will latest after the first laptop explosion on an US carrier apply to all.
And not sure I see tourism growth as a one way street. At some stage we will have another terror attack, another GFC, another volcanic eruption - or just the start of either the "post trump" or the "trump still hanging around" hangover and any of this will hurt an airline share in the top quartile more than one purchased in the bottom quartile.
I feel that midterm the SP is more likely to go down than up - and just looking at the current movement I think that Buffet's "be fearful when others are greedy" might be the appropriate saying for this situation.
Anyway - don't want to spoil the party: Enjoy the dance but stay close to the exit in case the music stops, though I agree that AIR is one of the better airlines. They are unlikely to bite the dust anytime soon, but they might be in a year or two cheaper to buy then they are now.