BUZZ-European airlines: Barclays bullish for 2015 on oil price drop

** Barclays (LSE: BARC.L - news) says is bullish on European airlines this year, says market underestimates the earnings benefit from falling oil prices

** "At $72/bbl Brent, and allowing for a conservative revenue offset, our 2015 EPS forecasts are 9 pct above consensus. At $50/bbl they are 30 pct above," Barclays analysts say in a note

** On a relative basis, Barclays says it likes Ryanair, raising its PT to 12 eur vs 10 eur, and raises Lufthansa to "overweight" from "equal weight"

** It raises its PT on Air France-KLM to 8 eur vs 7 eur, with an "underweight" rating, and raises easyJet to 1,850 pence vs 1,510 pence, with "equal weight"

** Lufthansa is up 2.6 pct at the top of Germany's blue-chip index in early trade. Ryanair, easyJet and Air France (Paris: FR0000031122 - news) are up 0.7 pct, 0.2 pct and 1.1 pct, respectively

** The STOXX Europe 600 Travel & Leisure index has gained almost 20 percent over the past three months (RM (LSE: RM.L - news) : maria.sheahan.thomsonreuters.com@reuters.net)