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Cannacord Genuity lifts easyJet to a 'hold' after management raises guidance

Market Buzz

Cannacord Genuity lifts easyJet to a 'hold' after management raises guidance

Thu, 12 October 2017
Article viewed 120 times
Cannacord Genuity lifts easyJet to a 'hold' after management raises guidance
easyJet Quote more

Price: 1,315.00

Chg: 18.00

Chg %: 1.39%

Date: 16:30

FTSE 100 Quote

Price: 7,523.23 Chg: 0.19 Chg %: 0.00% Date: 16:55

(ShareCast News) - Analysts at Cannacord Genuity raised their recommendation on shares of easyJet from 'sell' to 'hold', arguing that better-than-expected Summer 2017 trading would provide greater-than-expected lift for the shares.
The budget carrier's revenues per share fell by 1.4% over the summer, but that was better than the 2% drag they had penciled in, which meant profits before tax were now likely to come in towards £405m to $410m, as per management's revised guidance, versus a previous view for between £380m to £420m.

Greater competition was still expected to prove a headwind for the firm's profit recovery versus the lofty levels reached a couple of years ago, although easyJet's own capacity growth deceleration in 2017/18 would act as a partial offset, they said.

All told, Cannacord raised its target price for the stock from 1,150p to 1,200p, yet with less than 10% downside potential remaining it upgraded its view on the shares.

The Canadian broker also upped its forecasts for earnings per share for 2016/17 by 6.2% to 84.0p, on the back of which it also nudged up its estimate for the company's dividend per share from 36.7p to 38.9p.