JPM tips IAG for transatlantic advantage among European airlines
** J.P.Morgan says European airlines are on diverging paths in terms of transatlantic trends, as it puts IAG ICAG.L on a "positive catalyst watch" while looking out for negative catalysts for Lufthansa LHAG.DE
** JPM says British Airways owner IAG has an advantage in constrained capacity on key UK-U.S. routes, which it expects to support continued pricing outperformance through 2025
** IAG has the highest premium (business or first class) seat penetration at 17% on transatlantic flights, JPM says, making it best placed to "capture sticky premium US demand" from travellers
** Lufthansa meanwhile is under unit revenue pressures and has an unfavourable supply-demand balance, leaving JPM's 2025 EBIT estimate 9% below consensus, it says
** JPM maintains "overweight" on IAG, "underweight" on Lufthansa and "neutral" on Air France-KLM AIRF.PA, where it says market estimates are better supported
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