Air France-KLM: Liberum still on 'hold'
(CercleFinance.com) - Liberum maintains its "hold" recommendation on the Air France-KLM share, along with its target price of 10 euros, after the airline announced operating profit that is 6% below the consensus by 6% for the third quarter, "appears to reflect a toughening macro environment".
In its note, the broker points out that the airline's comments on its outlook seem dull, particularly with unit revenues falling in Q4.
"While we see the balance of risks to consensus as being on the downside, attention will now switch to the anticipated messages on strategy and implementation at next week's CMD," the broker said, however.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In its note, the broker points out that the airline's comments on its outlook seem dull, particularly with unit revenues falling in Q4.
"While we see the balance of risks to consensus as being on the downside, attention will now switch to the anticipated messages on strategy and implementation at next week's CMD," the broker said, however.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.