Ryanair: Berenberg raises target price
(CercleFinance.com) - Berenberg has raised its target price for the Ryanair share from 9.
6 euros to 11 euros, citing the low-cost airline's current "pricing momentum."
In a note to clients, the German broker said it expects the carrier to continue to benefit from a good pricing momentum, and has therefore raised its full-year 2019-2020 numbers.
"However, we think valuation fully reflects the enthusiasm around constrained supply and, in our view, unit cost pressure from Ryanair's aircraft delays is underappreciated," it warned.
Moreover, sustained risks to the company's financial year 2020-2021 estimates compel the broker to reiterate its "sell" rating on the stock, it said.
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