Panmure upgrades Easyjet to 'buy' after recent weakness

Recent share-price weakness and a positive third-quarter trading update at Easyjet has prompted Panmure Gordon to lift its stance on the stock from 'hold' to 'buy'.The target price for the shares was left unchanged at 1,800p.The broker said that third-quarter revenue-per-seat growth of 2.7% at constant currency was "solid", while cost-per-seat growth (excluding fuel and currency movements) was lower than guidance at just 1%."Following the strong correction in the share price in recent months we are moving our recommendation from 'hold' to 'buy'."Even though we are likely to trim our earnings forecasts reflecting the more challenging revenue environment, we remain hugely optimistic about the long-term prospects of this business and the shared look attractively valued."Despite the positive comments, the shares were down 4.6% at 1,339p by 11:33.BC