With air-travel demand returning gradually, European low-cost carrier Ryanair Holdings RYAAY offered a rosy forecast with respect to the same for July. Per a Reuters report, the airline expects to carry more than 4.5 million passengers on its flights in the month.
Even though the above reading marks a 70% decline from the actual number of passengers flown in last July, the same represents a marked improvement from the coronavirus-ravaged months of April and May. In fact we expect the June traffic numbers — to be released shortly — to sharply rise from the April and May readings.
Moreover, Ryanair expanded its flight schedule to meet the anticipated increase in July traffic. Evidently, this presently Zacks Rank #3 (Hold) carrier aims to restore almost 90% of its routes from today. However, the routes will have fewer flights in operation than normal. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
As part of the strengthened flight network, Ryanair opened more than 60 routes to/from Austria beginning today. Further, the Vienna A320 base of Ryanair’s Austrian unit, Laudamotion, reopened today.
Apart from Ryanair, its counterparts in the United States, namely American Airlines AAL and United Airlines UAL are boosting their capacity. Both stocks currently carry the same Zacks Rank as Ryanair.
A better-ranked stock in the broader Transportation sector is Scorpio Tankers STNG, holding a Zacks Rank #2 (Buy) at present.
The Zacks Consensus Estimate for Scorpio Tankers’ current-year earnings has been revised 55% upward in the past 60 days.
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Ryanair Holdings PLC (RYAAY) : Free Stock Analysis Report
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