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easyJet: UBS now a buyer

( - On Friday UBS upgraded its rating on easyJet shares from "neutral" to "buy", while maintaining a target price of 760p.

In a report the broker acknowledges that visibility at the business level remains limited due to the resurgence of winter contaminations, although believes that the concerns expressed by the market are exaggerated.

The broker says that at its current price, the share includes passenger traffic that has returned to 82% of its 2019 levels by 2023, whereas it expects 95%.

The broker also points to rising prices for air tickets due to the continued recovery in demand and a stock market valuation that appears attractive compared to that of its Irish rival Ryanair.

However, UBS' upgrade was pretty much ignored on the London Stock Exchange, where easyJet's shares were tumbling about 10% on Friday morning, a victim of fears surrounding the spread of a worrying new variant of Covid, identified by South African researchers.

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