Broker snap: Panmure still a buyer of easyJet after strong Q1

26th Jan 2012 11:19

EasyJet's first quarter statement impressed the both the markets and Panmure Gordon today, with the broker maintaining its buy rating for the budget airline. Passengers carried in the three months to December 31st rose 8.1% to 12.9m, while the load factor improved 0.9 percentage points to 87.6%. Total revenues per seat increased by 9.2% while the cost per seat (excluding fuel) fell 1.6%."Excluding the impact of the disruption, planned increases in airport charges and crew costs meant that cost per seat excluding fuel rose by 2.5% on a reported basis, well within the guidance given in November 2011 for a 4% increase in H1," notes analyst Gert Zonneveld."We believe this is a positive IMS, which demonstrates that EZJ's revenues per seat continue to grow strongly. We retain our buy recommendation and 450p target price," Zonneveld said.Shares were up 8.67% at 438.8p in mid-morning trade.BC