Broker snap: Credit Suisse sees easyJet flying high

31.03.2008

Credit Suisse has started coverage on easyJet with an 'outperform' rating and a 445p price target, saying the budget airline is likely to benefit from an industry downturn.

With more expensive competitors likely to be forced to reduce capacity, easyJet is well-placed to gain market share, the broker said. The price target is based on a 2008 price-to-earnings ratio of 14 times, Credit Suisse said.

Credit Suisse also started coverage on easyJet's Irish rival Ryanair, giving it a 'neutral' rating.

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