Ryanair: Oddo nudges up target price
(CercleFinance.com) - Oddo maintains its "outperform" rating on Ryanair shares, nudging up its target price for them from 18 euros to 18.
The broker says that it found management's tone very confident regarding pricing trends in Q4 and the summer of 2023, in particular highlighting an acceleration of market share gain in Italy, Ireland, Spain and Poland; a sound trend in capacities over the winter season; solid demand with a strong recovery on the British market after a warning at the start of the year.
As such, Oddo has increased its earnings estimates before extraordinary items by 4.5% and 21.6% to 1,417 billion euros and 1,249 billion euros over FY 23 and FY 24 respectively after integrating greater optimism in terms of yields (8.2% and 20.5 % vs FY 2020), although more caution on unit costs excluding fuel (at 30.6 euros and 30.4 euros respectively).
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