UBS has downgraded its recommendation on Ryanair from 'buy' to 'neutral', with a price target lowered from €24 to €20. This new target implies a potential upside of 19% for the low-cost airline's stock.

In the summary of its research note, the broker explains that it is reducing its forecasts for the Irish group, pointing to a weakening fare dynamic which, in its view, limits support for the share's upside potential.

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