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Air France-KLM: Liberum still a seller; raises target price.

(CercleFinance.com) - Liberum has reinstated its "sell" rating on the Air France-KLM share, although has upped its target price from 9 euros to 10.
5 euros, to reflect improvements in Franco-Dutch airline's balance sheet.

While acknowledging that the Group's recent measures have improved its balance sheet position, the broker believes that its narrow margins leave it far less leeway to cope with external shocks or more difficult trading conditions in the sector.

Liberum has therefore updated its estimates and says that for recent results, equity fundraising and the conversion of convertible bonds, mean that the dilution related to a higher number of shares is the dominant factor.

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