Bernstein raised Ryanair to "outperform", citing €1bn cash, 80% fuel hedge, mid‑teens EBIT margins, and a 14% target price increase.
Bernstein cut easyJet and Wizz to "market‑perform" after $200/MT fuel forward rise, lifting fuel costs ~30% YoY.
Ryanair at €25.41 shows ~26% upside to €32; easyJet 370.9p offers ~14.6% upside; Wizz 931.5p ~39.7% upside despite weak fundamentals.
Jet fuel spot prices have nearly doubled, crack spread rose from $25 to >$100/bbl, and Brent reached $95‑100/bbl, reflecting Iran conflict impact.