Ryanair shares slumped today after a US broker cut its rating on the stock due to the rising cost of jet fuel.
The US broker Raymond James also cut its price target on the stock to $56 and lowered its earnings estimate for 2007 to $2.26 a share from $2.60.
In Dublin Ryanair closed down 34 cent, or 4.9% at €6.61and in London the airline closed down 3.7% at €6.64.
Unlike many of its rivals who have locked in cheaper jet fuel, Ryanair is unhedged and therefore fully exposed to the impact of higher prices.
