Ryanair shares downgraded

SHARES in Ryanair, Europe’s biggest low-cost airline, were downgraded by UBS Ltd after the shares appreciated 20% in the past 12 months.

The bank cut its rating on Ryanair shares because “there is not enough upside”, it said. Ryanair is “growing its schedule in Europe”, which will “continue to underpin the current valuation”.

The bank’s share price target is €8.60. The shares touched €7.85 yesterday.