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easyJet: Oddo downgrades recommendation

( - In the wake of the publication of easyJet's trading update for Q3 (18/07), Oddo expects a more cautious tone for annual guidance and especially with regard to pricing.

The analysts' firm downgrades its recommendation from 'Neutral' to 'Reduce' and adjusts its price target from 1,170 pence to 1,050 pence. Oddo considers that this share continues to suffer from price pressure from Germany and the UK and a somewhat inflexible cost structure.

Given the greater exposure that easyJet has in the UK (8% of capacity for domestic and 35% between the UK and EU), we expect a negative impact on pricing.

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