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easyJet: Stifel maintains buy rating

( - Stifel maintains its buy rating on easyJet shares with an unchanged target price of 650 pence.

The analyst reports that the pre-tax loss for FY 2023 reached £455m, a figure in line with preliminary data.

However, the broker believes that the Middle East conflict means that there will be no year-on-year improvement on the seasonal loss in Q1, while Q2 appears to be unaffected.

Stifel believes that medium-term targets are "rather optimistic" with pre-tax profit per passenger of £7 to £10 (Stifel expects £5).

Finally, the analyst points to a valuation that remains at historically low levels for the stock, and believes that the market is excessively focusing on a potential weakening in demand, obscuring the current strength of prices and earnings.

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