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Air France: Stifel upgrades stock

( - Stifel has upgraded the Air France share to buy with a target price of E2.

The decision was taken to reflect Stifel's improved view on the sector "driven by structural better supply/demand prospects and the resulting improved profit estimates," the analyst said.

"Meanwhile, Air France-KLM's balance sheet pressure (negative equity position) has eased with new legislation in France, and the share trades on low valuation (~30% discount to peers on 2024 EV/EBITDA)," Stifel adds.

Both its outlook and trends remain positive for the rest of the year, the broker says, which points out that although no EBIT forecast has yet been provided, Stifel expects E2bn, which is well above the consensus of E1.5bn.

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