Ryanair’s target share price raised

<p>The target share price for Ryanair has been increased.</p>

Ryanair's target share price has been increased after it was claimed there is plenty of room for the airline to expand.

Analyst Stephen Furlong from Davy Stockbrokers expects stocks in the firm to hit €7 (£5.96) and reaffirmed his 'outperform' rating for the company.

According to a report by the Irish Independent, Ryanair's share price was up by four per cent on Tuesday (March 19th) after the airline announced it has agreed to buy 175 aircraft from Boeing.

Goodbody analyst Donal O'Neill said: "Ryanair will grow just three to five per cent out to 2015 with flexibility to scale up or down dependent on the environment."

Davy predicts Ryanair's share of the market could grow to as high as 20 per cent in the near future.

Fellow budget airline EasyJet was a recent arrival on the FTSE 100 and the firm's chief executive Carolyn McCall stated she is confident the company will be able to go from strength to strength.

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