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EasyJet Share Price Forecast As Morgan Stanley Lifts Its PT

The outlook on the airline stocks in general and the easyJet share price in particular is looking very bullish. The stock of the low-cost European carrier is up 25% after marking a bottom around 350p in October.

A similar uptrend is being observed in the shares of other European airlines like IAG, Ryan Air and Wizz Air. This bullishness appears to be a result of the recently released financial results from Ryan Air which predicted the full-year earnings to hit an all-time high while also announcing the first-ever dividend.

On Friday, easyJet share prices were up 2.9% as the UK stocks rebounded after facing increased selling pressure on Thursday. Technical analysis shows that the bulls may soon target the 456p level which was a previous range low and may now act as a resistance.

I expect some profit taking in the coming days. However, an acceptance above the 456p level might result in a strong bullish push toward the yearly peak which lies around 534p. The invalidation of this bullish easyJet forecast will be a breakdown below 428p.