Ryanair stays a Buy with 32% upside despite fuel cost pressures and share underperformance.

Ryanair Holdings remains a Buy with a 32% upside and a $75.77 price target despite recent share price weakness and rising fuel costs, which make up 42-45% of its operating expenses. The airline's strong fuel hedging has helped mitigate risks, but those gains are fading, leading Ryanair to consider fare hikes and selective route cuts to maintain margins amid high jet fuel prices. With disciplined capital spending, strong margins, and a net cash position, Ryanair is well-positioned for shareholder returns, especially as it aims to eliminate debt by fiscal year 2027.