Ryanair is still attracting buy recommendations from stockbrokers, with Goodbody suggesting the shares can make further progress.

In a report on the no-frills airline, Goodbody believes the airline is the best strategically positioned airline to take advantage of the low-fares market in Europe. Based on its evaluation of its prospects, Goodbody has set a medium-term price target of 13.50 (£10.62) for the shares.

The airline produced a strong set of results for the first quarter of its financial year, with better-than-expected passenger volumes.

Given the current weakness in the airline industry, the brokers believe it will prove difficult for Ryanair's earnings rating to move significantly ahead.

It expects the shares will continue to trade within a range of 11.50 and 12.75 over the next few months as the group's earnings catch up with its rating. Goodbody suggests the shares represent a medium investment risk.