Broker downgrades easyJet
14.06.08
Investment bank Goldman Sachs cut its rating on easyJet yesterday to sell from buy. The broker also added Europe's second biggest budget airport to its conviction sell list, citing easyJet's high exposure to UK consumers and low protection against record oil prices.
In a report the broker told clients that, while it believes the airline has staying power from its healthy liquidity, it expects revenue conditions to deteriorate after the summer and believes the company's balance sheet would come under strain if oil was $150 a barrel or higher. It said: ‘At $150 a barrel we believe the company would be heavily loss making.'
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