Air France-KLM: Oddo still a seller, adjusts target price

(CercleFinance.com) - Oddo BHF has reiterated its "underperform" rating on Air France-KLM share, although has raised its target price for them from 4.
2 euros to 4.4 euros, following the airline's Q1 results.

We acknowledge that the fare environment is clearly more favourable than expected and that the structural reduction in the company's cost base offers greater leverage than expected, the analyst says.

However, volatility in oil is masking much of this progress and uncertainties remain over financial restructuring, he adds, noting that the share is trading at a 2023 EV/EBITDA of 4x.



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