Barclays reaffirms its 'overweight' recommendation on Ryanair, while lowering its target price from €26 to €25, in the wake of a reduction in its 2025 and 2026 estimates following the Irish low-cost airline's annual results.

The broker points to a cautious view on unit revenues this summer, while unit costs are rising, as well as an increase in capital expenditure forecasts. However, it also highlights the company's share buyback program, which exceeded expectations.

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