'Buy' Ryanair Holdings PLC (LSE:RYA) and 'sell' Wizz Air Holdings PLC is Liberum’s take on the latest passenger numbers from the budget airlines.
Ryanair passenger numbers were up by 8% year-on-year or a slight acceleration in volume growth compared to January and February.
By contrast, Wizz Air's volume growth in March was slower but load factors were better.
For Wizz, Liberum suggests that the load factor decline reflects slower volume growth.
“Passenger numbers of 62 million were marginally ahead of our forecast, although the load factor of 90.1% was slightly light of our estimate.”
Liberum has a target price of €27 for Ryanair and 1,700p for Wizz.