EASYJET PLC SP.ADR NEW/4

EasyJet shares fell about 1.5% to 573.4p after UBS, RBC Capital and Citi simultaneously downgraded the stock. The banks said the rally driven by takeover speculation has largely neutralized the stock’s risk‑reward profile and also adjusted their price targets. The backdrop is four bids from Castlelake (560p–650p) and the now‑granted limited access to the data room; no binding offer has been made and the deadline was extended to July 5, which is creating continued uncertainty. Investors reduced positions, causing the stock to pull back significantly from the monthly high. » More on de.investing.com

RBC raised its target price for easyJet from 405 to 600 pence but downgraded the recommendation from "Outperform" to "Sector Perform" for valuation reasons. The bank points to about a 44% rise in interest after the disclosure of Castlelake's interest, which it sees as indicating further takeover potential above 650 pence. If no takeover occurs, the stock could fall more than 20% in the short term, the bank estimates. » More on finanzen.net

U.S. investor Castlelake raised its non-binding offer for easyJet to 625 pence a share, including an alternative partly share-based proposal. easyJet's board rejected the third offer; earlier proposals of 560 pence and 600 pence were also turned down. Castlelake has until 26 June to table a firm offer or withdraw the approach, while the stock rose slightly. » More on finanzen.net