0927 GMT - Ryanair is more insulated than most of its competitors against a weak market given its stronger balance sheet, margins and fuel hedging, Citi's Conor Dwyer writes. "The harder the winter becomes, the greater the pressure on these carriers to reduce capacity, close routes or accept further financial strain," Dwyer says. He adds that competitive pressures are likely to ease next year and that buyback talk could restart. Citi has a buy rating on the stock and a 31.50 euro target price. Shares are up 0.9% at 23.25 euros.