EasyJet's 3Q Update Isn't Expected to Materially Affect Consensus
0723 GMT - EasyJet reported third-quarter disruption costs of GBP133 million and said that the cost impacts were a one-off this summer, but that more color on disruption cost guidance is expected for the remainder of FY 2023, Citi analyst Sathish B. Sivakumar says in a note. The budget airline's stock is down 33% in the year to date on concerns over operational disruptions, driven by supply-chain challenges in the form of understaffed air traffic control personnel, airport security and in some cases ground handling at various airports, he says. "We do not expect the consensus to change materially in light of today's results (for now) and expect the shares to react in-line with the market today," Sivakumar says. Citi has a sell rating and a GBP3.60 target price on the stock. (firstname.lastname@example.org)
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