Air France-KLM: Stifel lowers target price

(CercleFinance.com) - Stifel maintains its 'buy' recommendation on Air France-KLM shares, but lowers its target price for them from E18 to E13, after reducing its 2024 EBIT estimates by 14%.


The company has warned that the Olympic Games will be a (net) headwind, with an unforeseen negative impact of E160m to E180m spread over Q2 and Q3, the broker notes.

According to Stifel, this pre-announcement by Air France-KLM suggests broadly unchanged underlying unit cost and revenue trends. It estimates Q2 EBIT at E490m, down 33% y-o-y.


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