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easyJet: shares down on Berenberg downgrade

( - easyJet shares dipped by up to 1% on Tuesday morning after Berenberg downgraded the British low cost airline, citing pricing momentum.

In a report issued this morning Berenberg downgraded its rating on easyJet from "buy" to "hold," although actually raised its target price for the share to 1,410 pence from 1,260 pence.

Competitors' restrained growth plans, delays in aircraft deliveries and the exit of Thomas Cook will likely benefit easyJet's pricing into fiscal year 2020, the broker said.

"However, wider anticipation of these supply constraints suggests less of a buffer if demand softens," its report stated.

easyJet shares are currently down 0.1% at 1,357 pence in London.

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