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(Bloomberg) -- Rolls-Royce Holdings Plc’s valuation reached £50 billion ($63 billion) for the first time as the stock extends a surge on the back of buoyant demand for long-haul jet engines.

The London-based producer of engines like the Trent XWB, which powers some Airbus SE aircraft, closed up 3.2% on Tuesday, extending its year-to-date rally to 97%. The shares have risen more than sixfold since the end of 2022, beating every other stock on the benchmark Stoxx Europe 600 index.

Rolls-Royce’s sales have soared thanks to a post-pandemic surge in long-haul travel. The firm announced earlier this year that large-engine flying hours had finally surpassed levels seen before the Covid lockdowns.

Still, analyst estimates suggest limited gains ahead for Rolls-Royce. The average 12-month price target among 20 brokers tracked by Bloomberg is about 593 pence, barely above where the shares traded at Tuesday’s close.

READ: Rolls-Royce Says Upgrades to Drive Revival of Shunned Engine