Jefferies analyst Chloe Lemarie downgraded Safran (SAFRY) to Hold from Buy with a price target of EUR 310, down from EUR 350. The move towards an opening of the Strait of Hormuz gave some respite to civil names, yet as the situation is likely to remain volatile, the firm is taking a more cautious view on aftermarket plays, expecting negative newsflow on air traffic demand, limiting aftermarket growth, the analyst tells investors in a research note.
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