I think the Stockbroker probably underestimates FR pricing ability, they still enjoy a huge cost advantage over other airlines and all transports cost in Europe are on an upward trend, further FR will be willing to push its non unionised staff closer to the brink of industrial action than say Easyjet.
On the downside is the passenger mix, i suspect that Easyjets pax mix is a little better off than the average FR pax, FR are cheap but once the price creeps up it will hit the upper limit of its passengers willingness/ability to pay before some of its peers. Of course Ryanair now dominate some markets to the extent that they have little choice, its either pay up or stay at home and a good number will be forced to do just that.
I think the report shows just how well MOL called it when he did the Boeing deal, it gave him the means and the cost advantage to take a big bite out of the market and its clear that that type of deal will not come around again from either Boeing or Airbus, but the Chinese would fall over themselves to get FR to be launch customer in a Western market, but FR would get a deal and a half, i reckon it would have to be £20m an aircraft after any import duties and lots of freebies, would passengers be bothered? i doubt it as long as it meets European safety standards.