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Lufthansa: UBS downgrades two notches to 'sell'

( - Lufthansa shares extended their losses on Wednesday after analysts at UBS downgraded the company's stock two notches, from "buy" to "sell", citing "material shareholder value dilution.

"Given earnings cuts, dilution due to equity issuance and rising debt levels and more challenging outlook we now rate the shares "sell"", the analysts commented.

UBS said it forecasts traffic to fall by 74% in 2020, followed by an 85% recovery in traffic in 2021.

The broker has slashed its target price as a result, which is now three times less than its previous level of 18 euros, at 5.85 euros.

Lufthansa shares were trading down 1.1% on Wednesday morning. They have lost over 27% year-to-date due to the crisis that has ravaged the travel industry, which has prompted a growing number of brokers to adopt cautious attitudes towards the stock.

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