Deutsche Bank issued a double upgrade on easyJet ( OTCQX:EJTTF ) to Tuesday with the rating moving to Buy from Sell.
Analyst Jaime Rowbotham and team like the summer setup for the European carrier. In particular, Rowabotham pointed to an improved macro outlook for the UK macro.
"One of the key pillars of our cautious stance on easyJet when we wrote our 2023 outlook report back in mid-December was concern about the health of the UK consumer. However, the UK economic outlook has ‘improved dramatically’ according to our colleague Sanjay Raja in his note 'What a difference three months can make'– we see this as positive for easyJet, the airline we cover which we think has greatest exposure to the UK (~40% of pre-COVID profit)."
Shares of easyJet ( OTCQX:EJTTF ) shot up 4.31% in London trading on Tuesday.
Read a recent breakdown on easyJet ( OTCQX:EJTTF ) from Seeking Alpha contributor Mare Evidence Lab.
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EasyJet rallies after Deutsche Bank issues two-notch upgrade