Stockbroker Davy says Ryanair’s share price could increase back to €15

Analysts at stockbroker Davy believe Ryanair’s share price could increase back to €15 as the airline increases its share of the European market and changes its structure to cash in on new opportunities.

Ryanair shares closed at €11.785 on the Irish Stock Exchange on Thursday, a slight increase of 0.34 per cent over the previous day.

Davy analysts Stephen Furlong and Ross Harvey published a note on the airline saying that the broker had increased its price target of the company to €15. They argue that the current price fails to reflect Ryanair's capacity to grow and its potential to generate cash.

The analysts say that Ryanair’s low costs give it a significant advantage over rivals. Also, based on the fact that it has outgrown the market in 14 of the last 15 years, they expect it to increase its share of European air travel to 16 per cent this year from 15 per cent in 2018.

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Mr Furlong and Mr Harvey also expect a change in corporate structure that will see a holding company overseeing operating subsidiaries will offer scope for further growth.