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Investing.com - Bernstein raised its price target on Ryanair (NASDAQ:RYAAY) to EUR66.00 from EUR62.00 on Wednesday, maintaining an Outperform rating on the Irish airline’s stock.
The price target increase comes as Ryanair faces favorable comparisons in the coming quarter, with the airline having experienced a 14% fare decline during the same period last year amid disruptions from breaking ties with online travel agencies (OTAs).
Ryanair is currently guiding for mid-to-high teens fare increases for the upcoming quarter, while projecting a more modest mid-single-digit increase for the following quarter (FQ2/CQ3).
Bernstein noted that commentary on summer fares represents "the biggest source of upside potential" for the airline, suggesting the company’s formal guidance for the FQ2/CQ3 period "may have upside risk."
The research firm also highlighted Ryanair’s ongoing share buyback program, which it says continues to drive further earnings per share accretion for investors.
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