Bernstein lowered the firm’s price target on Ryanair (RYAAY) to $63 from $66 and keeps an Outperform rating on the shares. The firm believes Ryanair is executing extremely well. Last year’s OTA distribution disruption is a memory, with strong fare growth in Q1 that saw fares up not only vs last year’s easy comp, but also vs the tough comp of revenge travel-tinged 2023, Bernstein notes. The firm adds that if anything, the current guide looks slightly on the conservative side for cost and revenue, and we are slightly ahead of management’s current steer on both.
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