Jet2’s (LON: JET2) price target was cut by Jefferies following its half-year results, which sent its shares up 3% on Thursday.

The airline swung to a profit for the year’s first half in the latest sign that the industry has continued its recovery following covid restrictions being lifted.

Sales jumped 730% to £3.6 billion, while seat capacity increased 14% against 2019 levels. Meanwhile, the group stated they are presently on track to exceed current average market expectations for profit before FX revaluation and taxation, with seat capacity for Summer 2023 approximately 5% higher than Summer 2022.

Following that report, Jefferies analyst Jaina Mistry lowered the firm’s price target on Jet2 shares to 1,300p from 1,650p and kept a Buy rating on the stock. The analyst noted that the company’s first-half results were “strong” and added that Jet2 has “brand perception, operational flex and balance sheet to win share, with a potential tailwind from regulatory reform.”

Earlier this year, Jet2 was labelled Jefferies’ top travel pick, with the firm stating at the time that the company’s pricing could offset inflation, making it well-positioned moving forward.

According to the Financial Times, four analysts have a Buy rating on Jet2, with six assigning an Outperform rating on the stock and one at Hold as of November 17.