Redburn Atlantic downgraded IAG to Neutral from Buy with a 175 GBp price target. The analyst downgraded various network airlines to Neutral given a view of declining earnings in 2024, with only Delta retaining a Buy. The firm also cuts Air France-KLM to Sell citing its potential cost and yield pressures and negative free cash flow generation. Demand for air travel shows little signs of slowing, but following very robust pricing last summer, maintaining pricing growth throughout 2024 will become a challenge, the analyst tells investors in a research note.
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