Ryanair has received a bullish update from broker Liberum, which has raised current-year forecasts after the first quarter numbers.
Constrained supply growth will support the airline’s unit revenues, despite macro risks to demand, while accelerating cash generation as capex passes its peak points to the potential for payouts to shareholders.
A less favourable fuel cost assumption sees later year forecasts cut, but Liberum adds it remains above consensus.
Buy with an increased price target of €23 (previously €20.50) is the broker's revised stance.