Ryanair Kept at Outperform as Bernstein Notes In-line Fiscal Q2 Results

12:03 PM EST, 11/06/2026 (MT Newswires) -- Bernstein maintained Ryanair's (RYA.IR) outperform rating after posting fiscal second-quarter results that were in line with consensus, noting that the Irish budget airline "should win either way" if fuel prices ease or remain high. "Ryanair expects significant increases in fares in FY'28, but insufficient in isolation to fully offset the increase in fuel costs that, at current forward curves, would be ~EUR2bn. It is reviewing all costs to seek other sources of saving, with a particular focus on airport churn, maturing labor agreements (raising the possibility of temporary pay freezes), lower crewing ratios, and increased use of AI to support operational and back office productivity," the research firm said Friday, adding that the forward curve moved "somewhat" lower following the Democratic sweep in the US midterm elections. "If fuel falls; the benefit flows straight through: only 25% of FY28 is hedged. If fuel stays high, expect weaker airlines to fail or cut, tightening the market and pushing fares up. Ryanair's debt-free balance sheet and high margins let it ride out the squeeze and take the share others give up. Low fuel lifts its margins; high fuel weakens its competitors." The airline also unveiled a fresh 800 million-euro share buyback, which analysts said came earlier than expected. The buyback is slated to run for 10 months beginning in February 2027. The stock's price target stands at 30 euros.