easyJet: Oddo still a buyer, cuts target price
(CercleFinance.com) - Oddo BHF reiterates its "outperform" rating on easyJet shares, although has reduced its target price for them to 680 pence (from 800 pence), the day after the British airline reported a strong first half that was above expectations.
Analysts say that easyJet is their best pick amongst airlines and they remain confident that the recovery profile will accelerate from the summer season onwards, believing that the company will be able to capture opportunities in its markets.
Regarding its valuation, the broker considers that P/E multiples are becoming attractive again from the year to the end-September 2024 at 9.8x (compared to a 10-year pre-crisis historical average of 11.8x).
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