Ryanair has been dropped from Morgan Stanley Dean Witter's "emerging growth fresh money buy list" although the equity strategist who compiled the five-strong list said this did not amount to a negative comment on the share's prospects.

"Ryanair is still rated as an out-perform. There's no negative comment," said Mr Ben Funnell. "We're just saying there are five more attractive stocks, but that's out of a universe of 500. We're absolutely convinced by the long-term growth opportunity for Ryanair." Ryanair stock traded last week at about €9. Its shares were valued at €6.24 when first included on the list on February 8th.