Raymond James raised the firm’s price target on Ryanair (RYAAY) to $70 from $60 and keeps a Strong Buy rating on the shares. The price target update reflects the Q4 results, indications of strong close-in summer demand, a lower fuel forecast, and the recent strengthening of the EUR vs. USD, the analyst tells investors in a research note. The firm’s estimates now reflect the EUR 750M share repurchase program and estimated investments in the recently purchased 30 spare engines and initial spend on planned Maintenance, Repair, and Overhaul facilities.
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