Mar. 12 at 1:02 PM
Evercore upgraded Ryanair Holdings to Outperform from In Line and raised its price target to
$80 from
$75, citing the airline’s €1 billion net cash position and a 15% pullback from January highs.
The upgrade comes despite broad estimate cuts across airlines due to a surge in jet-fuel refining margins, which reached about 44% of the Gulf Coast barrel price—more than double the historical 20–25% range. Analyst Duane Pfennigwerth called the move an unusually large market dislocation, comparable to 2008 and the early phase of the Ukraine war.
Ryanair was the only airline in coverage to receive earnings upgrades, with 2026 EPS raised to
$4.77 and 2027 to
$5.75. In contrast, Evercore cut 2026 EPS estimates for United Airlines, Delta Air Lines, and American Airlines.
Industry demand remains solid, with passenger yields up year over year and survey data indicating stronger international travel demand.
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