Deutsche Bank downgraded Air France-KLM (AFLYY) to Sell from Hold with an unchanged price target of EUR 8.50. The firm believes higher levels of market, geopolitical and macro uncertainty “could remain the case for the foreseeable future.” European transport company earnings are driven by GDP “so it should not be surprising that we see the need to cut forecasts for a number of our companies,” the analyst tells investors in a research note.
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