easyJet shares were upgraded on Thursday at JPMorgan, with analysts quoting a strong appetite for travel and a strong demand environment for European Airlines.

The airline was upgraded to Neutral from Underweight, with JPMorgan expecting the strong demand environment to continue for European Airlines heading into the summer months, amid strong consumer appetite for travel, with European capacity still trailing 2019 levels.

Finally, the firm cites easyJet’s strong revenue momentum for the upgrade to Neutral. JPMorgan also increased its price target to 530p from 370p.

easyJet recently reported its H1 results, which saw improved revenue capability and stronger demand. Passenger numbers grew 35% and its load factor was up 10ppts YoY. As a result, the group now expects to exceed current profit expectations of £260m for FY23.

Several European Airlines have reported growth in passengers and revenue over the last year despite the difficult macroeconomic environment. However, airlines have yet to show any signs of reduced spending from consumers as the summer months approach.

easyJet Twitter mentions have also been growing over recent weeks. Mentions saw a large spike in early March and have since been able to remain above levels seen over the winter months.

easyJet shares grew over 4% on Thursday.