Ryanair shares were down on the Dublin Stock Exchange on Friday morning, with Deutsche Bank saying it was time to "pause for breath".

At around 10.30 a.m., the share price of Europe's leading low-cost carrier was down 1.6% euros, while the STOXX Europe 600 Travel & Leisure sector index was losing around 0.7% at the same time.

In a note, the intermediary explains that it is concerned by recent comments made by the carrier's CEO, who stated at the time of the last earnings release that he was seeing a "certain degree of reluctance in consumer spending" and the "beginning of a recessionary climate".

This is supported by the weakness in our ticket price indicator, which could suggest that Ryanair will have to discount more heavily than its competitors", he added.

DB now expects ticket prices to remain stable in the current 2024/2025 financial year, rather than rising by 3.4% as previously.

The broker has consequently downgraded its recommendation to 'hold' from 'buy', with a price target lowered from 28 to 22 euros, anticipating pressure on the group's results.

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