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Air France: Oddo raises target price

(CercleFinance.com) - Air France-KLM has announced FY earnings that are down 31% at 290 million euros, with operating profit that is down 19% at 1,141 million euros, even though the number of passengers it transported rose by 2.
7% to 104.2 million.

Oddo deems that Q4 2019 is in line with estimates, despite a collapse in freight. Analysts say that the consequences of the Covid-19... hide improvements in sector conditions.

Oddo confirms its buy rating on the share, while nudging up its target price from 10.9 euros to 11 euros.

The broker says that the share's current multiples do not integrate the fact that Air France-KLM is one of the few shares in its sector that offers "self help". In the near future, the share could indeed suffer from its high exposure to China, although analysts believe that the first tangible effects of the transformation plan will convince investors, it adds.


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