easyJet (LON:EZJ) is expanding its long-haul connections business, Reuters has reported. The news comes after the London-listed budget carrier set up its platform ‘Worldwide by easyJet’ last year, partnering with long-haul low-cost airline Norwegian, to enable customers to buy two flights, set up its platform “Worldwide by easyJet” last year, partnering with long-haul low-cost airline Norwegian.
easyJet’s share price has gained ground in London in today’s session, having added 1.74 percent to 1,605.50p as of 14:35 BST. The stock is marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 2.05 percent higher at 7,030.22 points. The group’s shares have added more than 58 percent to their value over the past year, as compared with about a 3.6-percent dip in the Footsie.
Long-haul connections push
Reuters reported today that easyJet had said that it was expanding its long-haul connections business, adding seven new airports and airline Thomas Cook, to offer more customers the chance to buy connecting flights through its platform. The FTSE 100 carrier further noted that it expected to add more partners over the course of this year as talks with Middle East and Asian carriers were ‘far advanced’.
The news comes after the company said earlier this year in its first-quarter update that it was planning to expand its worldwide programme to around half of its network and increase its fleet to over 300 aircraft by spring 2018.
Analysts on low-cost carrier
Kepler Capital Markets reiterated its ‘buy’ rating on easyJet last week, valuing the shares at 1,831p, while Credit Suisse, which sees the low-cost carrier as an ‘outperform,’ boosted its price target on the stock from 1,803p to 1,836p. According to MarketBeat, easyJet currently has a consensus ‘hold’ rating and an average price target of 1,615.21p.