Another day brings another analyst rating change for European Airlines.

And today, easyJet is at the end of it. EasyJet’s analyst rating was downgraded at Deutsche Bank on Tuesday.

Analyst Andy Chu downgraded easyJet to a Sell rating from Hold and reduced its price target to 330p from 415p. For the first half of 2023, Chu said he will continue to be cautious about the European transportation industry. Chu added in a research note to investors that easyJet is geared toward the U.K. consumer and has a high degree of operating leverage.

EasyJet has been one of the worst-performing airlines in terms of its share price. The firm has tumbled almost 40% so far this year, and despite signs of recovery from its competitors, easyJet has yet to make any significant gains.

In its most recent report, easyJet did report a healthy boost to its passenger numbers. However, this was expected, given several positive updates from its peers.

Its problems remain largely in its financial figures. Although they have seen modest improvement, they are still lagging behind pre-pandemic levels.

Elsewhere, easyJet also saw its rating downgraded at Oddo BHF on Tuesday. Analyst Olfa Taamallah downgraded the company to an Underperform rating from Reduce. Taamallah did keep a 300p price target on its shares.

The stock may be undervalued given its significant decline in 2022, but several investors seem yet to be convinced.