IE : Ryanair - Balance sheet reinforced against short-term downside risks

We cut our current year forecasts due to international travel restrictions being lifted slowly. The balance of risks remains to the downside. However, our 2023E estimates rise slightly on a better unit revenue base. This pushes our target price up to €17 from €16. Ryanair remains well-positioned for the recovery and market share gains, and the balance sheet has been reinforced, but this appears priced in at current levels. Our recommendation remains HOLD.

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