NEW YORK (TheStreet) -- Shares of Ryanair Holdings Plc (RYAAY) - Get Report are up 3.06% to $54.21 after the Dublin-based airline raised its full year profit forecast as a campaign to improve service pulled more customers away from its struggling rivals, Reuters reports.
The airline said first quarter profit more than doubled to 197 million euros, or $264.7 million, beating a consensus forecast of 157 million euros from analysts polled by the company.
It raised its profit forecast for the year to March 2015 to 620-650 million euros from 580-620 million.
TheStreet Ratings team rates RYANAIR HOLDINGS PLC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate RYANAIR HOLDINGS PLC (RYAAY) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself.