ABN Amro has slashed its share price target on Ryanair to €2.80 from €4.70 and now recommends its clients to hold shares, rather than buy them.
Citigroup also cut its price target on Ryanair, from €4.40 to €3.80, but it maintains a buy stance.
The news seemed to have little effect, as shares in Ryanair closed up 15 cent at €2.77 in Dublin.
The brokers have revised their stance on a number of airlines this morning.
ABN Amro cut its British Airways target to 200p from 260p. It also cut the Air France-KLM price target to €18 from €21.
Meanwhile, German airline Lufthansa has reported a record result for a quarter as it continues to benefit from strong demand levels. It says it expects its 2008 performance to be broadly in line with 2007.
Lufthansa reported that operating earnings in the period from January to March had grown to €188 million from €36m in the same period last year.
And BMI says it has been approached by a number of smaller carriers with a view to an acquisition.
