(News Bulletin 247) – Oddo BHF confirms its ‘outperformance’ recommendation and raises its price target from 20 to 21 euros on Ryanair, judging that its weaker performance since the start of the year (+29% against +54% for EasyJet and +56% compared to WizzAir) seems unjustified.
“The acceleration of market share gains and the good performance of capacities plead in favor of a good orientation of pricing which, in our view, will offset the inflation on unit costs excluding fuel”, estimates the analyst.
The research office also considers that the valuation of the Irish low-cost airline is attractive, given its fundamentals and the average growth of its EPS expected at 22% over 2023-2026.
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