ODDO BHF picks legacy European airlines, upgrades AirFrance-KLM, Lufthansa
ODDO BHF favours legacy airlines among the European sector, as it upgrades Air France-KLM AIRF.PA and Germany's Lufthansa LHAG.DE to "outperform"
The broker points to legacy airlines' solid pricing power, fuelled by "vigorous" long-haul business, especially in North America, and better control of unit costs due to base effects and effective restructuring
It downgrades Ireland's Ryanair RYA.I to "neutral", citing a more cautious tone over less favourable base comparison and greater competition on the back of lower fuel prices
ODDO cuts Wizz Air WIZZ.L to "underperform" from "neutral", awaiting the results from the low-cost carrier's strategic overhaul and resutructing of fleet plan
"As a whole, the airlines in our coverage are benefiting from a weak dollar and falling fuel prices," the broker says, expecting modest inflationary pressure on legacy airlines, low-cost carriers to "bear the brunt" of rising environmental costs
COMPANY | RATING | OLD RATING | PT | OLD PT |
|---|---|---|---|---|
Air France-KLM | Outperform | Neutral | 14.0 | 12.0 |
IAG | Outperform | Outperform | 6.0 | 5.3 |
Lufthansa | Outperform | Neutral | 10.4 | 8.5 |
easyJet | Neutral | Neutral | 540.0 | 530.0 |
Ryanair | Neutral | Outperform | 32.5 | 30.0 |
Wizz Air | Underperform | Neutral | 1300.0 | 1180.0 |
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