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Lufthansa: shares fall after downgrade

(CercleFinance.com) - Lufthansa shares are down on Friday after Barclays Capital downgraded the German airline group to "underweight," with a target price of 23 euros.

The broker wonders if the carrier's improved results are sustainable.

"We think management's ambitions to "shape the industry" and "grow the business" lead to capital allocation decisions that are not always financially robust," BarCap warns in a note.

Barclays says it sees better opportunity elsewhere in the sector, with IAG being its best pick at the moment.

Lufthansa shares were down 1.4 percent at 26.1 euros in Frankfurt after these comments.

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