Ryanair on course for €8.40 share price by year-end, say stockbrokers

RYANAIR has been given an end-of-year price target of €8.40 by Davy Stockbrokers in advance of the publication of the airline’s third quarter results in 12 day’s time (shares closed down 1.64% at €7.18 yesterday).

In an equity flash note in advance of Ryanair’s results, Davy Stockbrokers analyst Stephen Furlong said that, with just two months to go in the company’s accounts for 2004, he expects the company to confirm full-year guidance of net income (post-exceptionals) of €260m and net income (pre-goodwill, exceptionals) of €270m.

Davy expect Ryanair’s pretax profits for year end March, 2004, to hit €288.9m (2003 €264.6m) and passenger numbers to be 23.4 million with capacity growth slowing from May onwards to 20%.