07:52 AM EDT, 05/19/2026 (MT Newswires) -- Bernstein adjusted its earnings forecasts for Ryanair (RYA.IR) following the Irish budget airline's fiscal 2026 results, with the company's net income missing the consensus estimate by 6%.

The company logged a net loss of 396 million euros for its fiscal fourth quarter, against the expected 372 million euros, according to a Tuesday note.

The research firm lowered its underlying EPS estimate by 4.3% for fiscal 2027, while that for the following year was lifted by 0.9%. For fiscal years 2029 and 2030, the projected underlying EPS were both reduced. Meanwhile, the total revenue forecasts for all four fiscal years were adjusted downward.

Despite this, Bernstein reiterated its outperform rating on the stock, with a price target of 32 euros, seeing Ryanair as the "best-positioned name to capitalize in a downturn in point-to-point aviation."

"Ryanair thrives when there is blood on the floor. And we may well see it before the year is out. The company is openly talking of potential airline failures, and bolstering liquidity in preparation. This advantageous position should enable it to keep pressure on struggling competitors,"Bernstein said. "In our view, either fuel prices ease or there will be an industry capacity response, whether voluntary (cuts) or involuntary (bankruptcies). The latter is more painful near-term, but more beneficial for Ryanair longer-term."