JPMorgan analyst Harry Gowers upgraded Air France-KLM (AFLYY) to Overweight from Neutral with a price target of EUR 14, up from EUR 8. The firm expects 2026 to be a continuation of the challenging 2025 for the European transport sector. JPMorgan is cautious on freight, saying demand/supply imbalances persist and pricing continues to erode for container shipping and forwarding. In airlines, the analyst sees risks of oversupply in short-haul as aircraft deliveries pick up. The firm adjusted ratings as part of a 2026 outlook.
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