Ryanair's strategy is strengthening its competitive position by increasing flight frequencies on existing routes, rather than simply adding new destinations, Bernstein analysts Alex Irving and Antoine Madre say in a research note. This denser network makes the budget airline more attractive to passengers who value flexibility, which could help improve ticket revenues over time, the analysts say. Ryanair has also continued to gain market share, particularly at non-hub airports, where it now holds a dominant position, the analysts add. The analysts say that this stronger presence gives the airline greater pricing power and reinforces its long-term growth prospects. Bernstein maintains a positive valuation on the stock, arguing the market has yet to fully reflect the benefits of these structural advantages. Shares trade 0.7% lower at 27.17 euros. (nina.kienle@wsj.com)