Source: Sharecast
The trigger for the drop had been the retreat in the early bullish sentiment on summer pricing, which had resulted in "froth", due to weaker passenger demand, they said.
However, in their view growth in peak summer short-haul rates of 3-5% "would still be a very good result".
Indeed, it would simply be part and parcel of the "inevitable normalisation" in supply-demand.
Negative growth on the other hand would be problem due to rising cost pressures excluding fuel, but there was little indication that that might happen.
The broker kept its recommendation for Easyjet at 'overweight' but lowered its target price from 710p to 670p.
In the same note JP Morgan reiterated their overweight stance on shares of IAG on account of better upside to estimates on better price versus cost, together with potential tailwinds from restructuring investments.