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easyJet: Stifel upgrades stock

( - Stifel has upgraded easyJet shares from "hold" to "buy", with a target price of 650 pence, in its comments on the European air transport sector, for which it expects mergers and acquisitions to "bring more rationality".

"Rational capacity, not demand strength, is the most important driver for the strong post-pandemic yields and profitability", the broker says, which nevertheless acknowledges that demand remains strong.

In this context, Stifel highlights easyJet and Air France-KLM as dynamic ideas, while it believes that Lufthansa and Ryanair, on which it also has "buy" ratings, have underappreciated long-term fundamentals in its view. Finally it maintains its "hold" rating on IAG.

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