Shares in EasyJet slipped after the investment bank UBS downgraded the carrier from "buy" to "neutral", citing valuation grounds.
The UBS said that over the past 12-month period shares in EasyJet outperformed Ryanair shares by more than 25 per cent. Moreover, EasyJet surpassed Ryanair by more than 10 per cent since the start of current year.
Shares in British low-cost airline were trading at 407.5 pence, down 4.5 pence-a-share. Shares in Ryanair were trading flat at €3.45 in Dublin.