Ryanair downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Ryanair (RYAAY) to Equal Weight from Overweight with an unchanged price target of EUR 22.20. While a tightening European short haul market aids the pricing outlook, it also poses challenges for unit costs, the analyst tells investors in a research note. The firm says Ryanair’s valuation “looks about right” after the stock’s 50% rally since last summer.