(CercleFinance.com) – Oddo BHF maintains its Outperformance opinion on the Lufthansa share and its price target at 12.5E.
The analyst underlines the good results obtained in the first quarter and notes an FCC ‘higher than expected’.
In the second quarter, ‘capacity is expected to increase to approximately 82% of pre-crisis level and the airline expects returns over this period to be up to 25% from 2019 levels’, notes the analyst.
“The adjusted EBIT in Q2 2023 should also be higher than in Q2 2019, which amounted to 754 ME, thus exceeding expectations”, continues the broker.
For Oddo BHF, Lufthansa has deleveraged ‘faster, allowing it to seize opportunities its peers are being forced to forego. ‘ Accordingly, ‘We continue to play the newsflow on the disposals and the comments on the summer season which should be positive’.
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