Ryanair: Canaccord raises target price
(CercleFinance.com) - Canaccord maintains its "hold" rating on the Ryanair share, as it has almost doubled in price over the past 4-5 months.
However, it has raised its corresponding target price from 14 euros to 16.4 euros after the airline raised its forecasts.
It notes that the share has benefited from the collapse of Thomas Cook and other carriers, the signing of multi-year agreements with trade unions, reduced capacity growth for the summer of 2020 and waiting for an improved environment for revenue.
"We expect earnings to grow strongly in the near term, partly reflecting the reduced capacity growth next summer," the broker said after the Irish low cost airline's trading update last Friday.
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