Cercle Finance - 11:18
(CercleFinance.com) - Oddo has cut its recommendation on Air France KLM from 'Neutral' to 'Reduce' this Monday morning.
The analyst also reviews its price target to 7.20 euros (previously 10 euros).
“Contrary to our expectations, Air France employees voted by a small margin against the management proposal. Amid all this, Jean-Marc Janaillac announced his resignation, which will take effect during the AGM of 15 May. The end of the referendum raises many questions and opens a period of uncertainty”, says the broker.
Oddo forecasts operating revenues of 919 million euros in 2018, a 53% fall compared to 2017.
However, the analyst forecasts an “upturn of 1.364 billion in 2019 which can be explained, for 75%, by the absence of strikes”.