Air France-KLM: Deutsche Bank cuts TP

(CercleFinance.com) - Deutsche Bank announced on Tuesday that it had lowered its price target for Air France-KLM shares from E10 to E8.
5, following the airline's Q3 results.

The analyst, who is maintaining his 'hold' recommendation on the stock, explains that he is concerned about the difficulties currently encountered by KLM (pilot shortage, maintenance problems), which have led him to revise upwards his inflation forecast for unit costs excluding fuel for the Dutch airline.

As a result, the broker has reduced its 2024 operating profit estimate for the group as a whole by 4%, from E1.45bn to E1.39bn.

In order for Air France-KLM to achieve its estimates, Deutsche Bank says that the group will have to post a much better fourth quarter than last year, a scenario it does not rule out in view of the sharp drop in its kerosene bill.


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