Broker downgrade for easyJet and Ryanair
06.05.08
Deutsche Bank has downgraded easyJet shares to 'hold' from 'buy' and Ryanair to 'sell' from 'hold' with respective price target cuts to 369p from 537p and €2.6 from €2.8, according to reports today.
In a note published this morning, the broker said that it downgraded both budget airlines until they cut back on future growth plans. It added that they are not doing enough to counter the challenge of record fuel costs and that it believes that the sector is likely to continue to trade well below book value.
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