However, the broker concurred that the read-across for other European short-haul airlines was "positive", particularly for non-MAX operators, while Ryanair's plans for base closures later this year could point to "underlying weakness" in the group's trading.
Growth for summer 2020 will be cut from.
The Irish carrier slashed its expected passenger growth rate for next summer from 7% to 3% as a result of the delay.
Ryanair expects to have around 30 planes next summer, instead of the 58 it initially thought, after Boeing was ordered to ground its Boeing 737 MAX planes earlier this year following two fatal crashes.
Ryanair boss Michael O'Leary said, "Ryanair remains committed to the B737 MAX aircraft, and now expects that it will return to flying service before the end of 2019 - however, the exact date of this return remains uncertain".
"We believe it would be prudent to plan for that date to slip by some months, possibly as late as December".
Ryanair has ordered the 737 Max 200, a variant of the plane that will need to be separately certified by regulators.
"Our immediate focus is the safe return of the MAX to service and re-earning the trust of airlines and the traveling public, " it said.
The airline said the shortfall in aircraft deliveries will mean "some base cuts and closures" for the winter and next summer, and it has started talking to airports to identify which underperforming or lossmaking bases to shut from November.
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"We will also be consulting with our people and our unions in planning and implementing these base cuts and closures, which are directly caused by the B737 MAX delivery delays to the B737 MAX program".
Mr O'Leary added he will look to "restore our growth to normal levels in summer 2021".
Boeing's 737 Max was grounded in March following two deadly crashes.
"Uncertainty over Boeing 737 MAX aircraft has shattered Ryanair's 2020 planning", Wilson said in a note.
"This number could rise, or fall further, depending on when the Boeing 737 Max actually returns to flight services", the company said.
Photos shared on Twitter show a plane in Ryanair colours outside Boeing's manufacturing base, with the name 737 Max replaced by 737-8200. The cutbacks centre on uncertainty over the Boeing 737 MAX aircraft deliveries during winter 2019 and summer 2020.
The U.S. aircraft maker promised to submit the final software package to the FAA once it has satisfied all of the certification requirements.