Ryanair and Wizz Air Holdings PLC (AIM:WIZZ) are flying in different directions, according to analysts at Deutsche Bank.
Central Europe-focused Wizz is downgraded to a 'sell' with its target price slashed to 1,550p from 2,850p, while Dublin-listed Ryanair gets a healthy target upgrade to €24.50 from €21.00.
Overall, Deutsche Bank says prices in peak periods are approaching a ceiling but off-peak there are gains to be had.
Ryanair continues to see healthy premiums and stands out in the short-haul market and can still get a re-rating in 2024 as this feeds through, especially as Deutsche Bank says its forecasts are below consensus.
For Wizz Air, the reverse is the case and the broker suggests that consensus forecasts are too high, hence the downgrade.
Shares in Ryanair were unchanged at €15.40 while Wizz eased 0.6% to 1,935p.