Ryanair: Stifel maintains buy rating, but cuts TP

(CercleFinance.com) - Stifel has lowered its estimates for Ryanair for the current financial year (2022), citing the slow rollout of European vaccinations and Easter closures, while the airline itself has also reduced its targets.


However, the delay in the recovery of traffic and earnings oes not alter the strength of this post-Covid investment, the analyst believes.

Indeed, Stifel models a doubling of net profits and FCF from pre-crisis levels by FY 2024, despite its assumption of a decline in yield of around 10%.

Under these conditions, Stifel maintains its buy rating on the stock, while shaving a euro off its target price to 20 euros (vs. 21 euros previously).

The share is currently down over 2% at about 16.5 euros.



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