easyJet: Oddo raises target price

(CercleFinance.com) - In its comments on European airlines, Oddo BHF reinstates its "outperform" recommendation on easyJet shares - the only one in the sector - with an increased target price of 760 pence
(vs.
650 pence).

The broker justifies this upgrade by greater confidence in pricing, driven by solid demand from the UK (50% of capacity) and a sound momentum in ancillary revenues.

In terms of valuation, P/E multiples are becoming attractive again from the year ending September 2024 at 7.7x (compared with a 10-year pre-crisis average of 11.8x), the analyst adds.

The share is currently up over 2% at 608 pence.


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