Budget airline easyJet has been upgraded from ‘hold’ to ‘buy’ by brokers following a strong first-quarter peformance.
The airline’s share price has risen to pre-Brexit price levels and is now trading at 1,582 after posting a Q1 revenue increase of 14.4% to £1,140m.
An extra 1.4 million passengers were carried over the three-month period, with easyJet generating a 6.6% increase in revenue per seat.
Ian Forrest, investment research analyst at The Share Centre, said he was now recommending easyJet as a ‘buy’ for medium-risk investors.
“While competition in the sector remains strong, easyJet is coping better than many others and has taken steps to ensure trading continues as normal after the Brexit settlement,” he said.