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Air France-KLM: in a 'complex situation' Oddo still neutral

( - Despite the peak of the summer season, Air France-KLM has suffered a significant downturn since the end of August, Oddo says, with the broker also mentioning the low visibility over the winter season.

In Q4, the airline aims to reach 60% of the short- and medium-haul capacity offered in 2019 and 50% for long-haul.

In a cautious scenario, Oddo considers that cash levels should be enough to meet the financing needs of a financial year 2021, which would not see any significant improvement.

Due to the very high short-term volatility, Oddo is finally maintaining its neutral recommendation and has cut its target price for the share to 4 euros (vs. 4.2 euros previously).

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