Broker snap: Momentum accelerating at easyJet, says Prime Markets

4th Jun 2013 11:18

easyJet's impressive rise over the past 12 months is set to continue, according to Prime Markets which reiterated its positive recommendation for the stock on Tuesday.The share price was up 3.77% at 1,267p by 11:15, extending its year-to-date rise to nearly 66%. Over the last year, the stock has now jumped 162%.The firm reported on May 15th that pre-tax losses had narrowed from £112m to just £61m, on revenues that rose from £1.5bn to £1.6bn. Meanwhile, the company last week confirmed that it had acquired 25 pairs of arrival and departure slots at Gatwick from Flybe.Last month, Prime Markets picked out easyJet for its 'May Tips' report, highlighting that despite a massive surge over the last year, "appetite for the company remains undiminished".The broker said that the 1,275p target price on its trading call that followed the first-half results was hit and passed in a matter of days."With the sheer growth momentum around easyJet if anything accelerating, the general consensus of the stock as a 'buy' is likely to remain in force, in spite of the recent market correction," said Head of Dealing Richard Curr. "We reiterate our 'buy' recommendation, and expect our new 1,355p price target to be hit in fairly short order," he said.