Ryanair Holdings: Steady Performance with Hold Recommendation Amid Passenger Growth and Market Alignment

Jaina Mistry, an analyst from Jefferies, maintained the Hold rating on Ryanair Holdings. The associated price target remains the same with €23.40.

Jaina Mistry’s rating is based on a combination of factors that reflect Ryanair Holdings’ current market position and future outlook. The airline has demonstrated a slight increase in passenger numbers, with a 2% growth in August, reaching a record 21 million passengers and maintaining a strong load factor of 96%. This indicates a robust demand for Ryanair’s services.
However, the forecast for fiscal year 2026 aligns with market expectations, projecting 206 million passengers, and the second quarter consensus anticipates a 61 million passenger target. To meet this target, a growth of 1.7% in September is necessary, which is slightly above the current trend indicated by Cirium’s seat capacity data showing a 1.3% increase. These factors suggest steady performance but not enough momentum for a more aggressive rating, leading to the Hold recommendation.