Shares in easyJet were flying firmly lower on Tuesday morning after the airline underwhelmed with a seemingly in-line first-half report.Panmure Gordon maintained a 'hold' rating and 1,800p target price for the stock, saying that upside potential for the shares remains limited for now despite a positive long-term outlook."Whilst we remain hugely optimistic about the long-term prospects of this business, in the near term we expect the shares to pause for breath," said Analyst Gert Zonneveld.Total revenues in the first half rose 6.3% to £1,702m with revenue per seat up 2.6%, "mainly reflecting the yield management of bag charges and the annualisation of allocated seating", Zonneveld said.The broker has held on its forecasts for the full year.Panmure said that the shares trade on prospective earnings multiples of 15.2 and 13.4 for the financial years ending September 2014 and 2015, respectively.The stock was down 4.3% at 1,656p by 10:04 on Tuesday, but is still up 8% since the start of the year.BC