IAG: Berenberg starts coverage with 'buy' rating
(CercleFinance.com) - Berenberg said on Tuesday that it has begun coverage of IAG with a "buy" rating, as it currently sees more value in long-haul flights.
The German broker has set a target price of 815 pence on the airline group. "We challenge the conventional late-cycle preference for "safer" low-cost carrier choices, preferring longhaul exposure based on developing industry trends," Berenberg said in a report.
It has also started coverage of Air France-KLM with a "buy" rating, and has initiated easyJet with a "sell" rating.
Shares in IAG, which have risen over 5% so far this year, were down 0.1% at 685 pence in Tuesday trade, compared to a flat STOXX Europe 600 Travel & Leisure index.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The German broker has set a target price of 815 pence on the airline group. "We challenge the conventional late-cycle preference for "safer" low-cost carrier choices, preferring longhaul exposure based on developing industry trends," Berenberg said in a report.
It has also started coverage of Air France-KLM with a "buy" rating, and has initiated easyJet with a "sell" rating.
Shares in IAG, which have risen over 5% so far this year, were down 0.1% at 685 pence in Tuesday trade, compared to a flat STOXX Europe 600 Travel & Leisure index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.