easyJet: Berenberg upgrades to 'buy'

(CercleFinance.com) - Berenberg has upgraded the easyJet stock from "hold" to buy", saying that its valuation discount has hit "extreme" levels.


"Creeping flyer confidence has done little for easyJet's shares," Berenberg analysts say in a note.

"Leisure-focused booking growth and industry restraint should generate momentum", they add.

Berenberg writes that easyJet shares have performed in line with distressed flag carrier peers, falling over 56% year-to-date.

Note that the German broker has cut its price target from 850 pence to 800 pence.

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