Lufthansa: Oddo BHF cuts target price

(CercleFinance.com) - Oddo BHF reiterates its 'underperform' rating on Lufthansa, with a target price trimmed from E5.
5 to E5.3, pending signs of a recovery in CASK in a less dynamic environment.

The deceleration in growth is forcing Lufthansa to make further efforts to make its cost structure more competitive, which we still doubt. In addition, its high exposure to Asia-Pacific is weighing on RASK, the analyst believes.

However, the broker believes that the German airline's healthy balance sheet should preserve the dividend, and that, at 3x 2025 EV/EBITDA, its valuation still offers a certain floor.


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