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Erste Group warmed to Ryanair Holdings (NASDAQ:RYAAY) with an upgrade on the European airline stock to Buy from Hold.
The firm noted Ryanair's (RYAAY) revenue increased +170% year-over-year to €4.8 billion in FY2022 due to strong post-COVID demand growth and higher fares. Europe's largest airline was also noted to be gaining market share in most countries as it has been able to increase capacity faster than competitors. Sales of business class flights in particular are growing very strongly
Analyst Hans Engel's investment rationale on Ryanair: "The recovery in travel remains very strong this year. For this year, Ryanair announced the launch of 230 new routes (to a total of 2,450 routes). The Group is currently gaining market share over competitors. Ryanair's revenues and profits should continue to rise as a result. Revenue and profit forecasts are on an upward trend."
Seeking Alpha contributor Mare Evidence Lab has had a Buy rating on Rynanair (RYAAY) since late January.