Air France-KLM: Barclays downgrades to 'underweight'.

(CercleFinance.com) - On Wednesday, Barclays downgraded its recommendation on Air France-KLM shares to 'underweight' from 'in-line weighting', with a price target lowered from 8.
5 to seven euros.

In a study of the European airline sector, the broker says it holds the Franco-Dutch carrier's management team and its strategic positioning in high regard, but fears that the current climate of political uncertainty in France will penalize its business.

The broker also notes that the project to turn around the profitability of the KLM subsidiary faces a number of obstacles, ranging from rising airport charges in Amsterdam to a shortage of flight crews, not to mention tense relations with the pilots' unions.

Finally, Barclays concludes that the use of hybrid financing tools continues to weigh on the Group's balance sheet situation.

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