Deutsche Bank ups easyJet to 'buy'
easyJet
538.20p
16:40 26/04/24
Deutsche Bank upgraded easyJet to ‘buy’ from ‘hold’ on Friday as it took a look at the European airlines sector.
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International Consolidated Airlines Group SA (CDI)
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The bank, which hiked its price target on the airline to 1,150 from 550p, said it finds it hard to believe that a crisis from which it expects the ultra low cost carriers under its coverage to emerge stronger cannot also be turned to the advantage of a low-cost carrier like easyJet.
"As the group looks to build on changes that were afoot before Covid-19, we see significant opportunities for the proposition and cost base to be improved," it said.
DB also pointed to an attractive valuation and said there was 30% upside potential.
In the same note, the bank lifted its price-target on buy-rated British Airways owner IAG to 220p from 175p.