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Air France-KLM: Credit Suisse cuts target by half

(CercleFinance.com) - Albeit maintaining its 'Neutral' position on the Air France-KLM account, Credit Suisse cuts its target price by almost half for the share in the wake of the announcement boss Jean-Marc Janaillac's resignation.

The target price is now 7.61 euros, from 14.92 euros.

The analysts drew this conclusion from the exit of the French airline's boss following the internal referendum rejecting his proposals. “Things could change really quickly at Air France”, says a research note. Lately the company has been experiencing “structural improvements”, and seemed ready to resume dividend payouts. This has ended as the internal conflict rears its head again.

The strike action in February and April is set to cost 300 million euros. Credit Suisse expected “at least 100 million euros more” for the month of May.

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