Stifel has downgraded its recommendation on the airline’s shares to “hold” from “buy”.
(Photo: imago images/Arnulf Hettrich)
Dusseldorf Airline shares such as Lufthansa, Ryanair and IAG were among the winners on the stock exchanges this summer. While the market-wide leading index Euro Stoxx 600 moved sideways over a three-month period, they rose by four to six percent. However, the analysts at Stifel paint a bleak picture for the future.
“After a strong peak season in summer, we still expect a solid autumn period due to the continuing need to catch up after the pandemic,” write Johannes Braun and Marc Zeck in their current study. In 2023 there could then be a “rude awakening”.
That’s why Stifel has downgraded the shares of the major European airlines IAG, Easyjet and Ryanair to “sell” and lowered the price targets by 23 to 50 percent. Air France was already on Stifel’s sell list, and they lowered their recommendation for Lufthansa shares from “buy” to “hold”.
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