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Air France-KLM: Barclays cuts target price

( - On Tuesday Barclays its target price for Air France-KLM shares from E26 to E22, although renewed its "overweight" rating on the stock.

In a report on European air transport, the broker points out that shares in this sector have been out of favour for some time, against a backdrop of warnings from US airlines, rising oil prices and difficulties encountered by the GTF engine.

Although Barclays points out that European carriers are hedged against fuel prices, and that the grounding of GTF-equipped aircraft should limit capacity and support fares, the analyst prefers to reduce his earnings estimates and target prices for sector stocks, excluding Norwegian.

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