IAG downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded IAG to Underweight from Equal Weight with a price target of EUR 2.05, down from EUR 2.20. The analyst says long-haul capacity growth still poses a risk to 2024 pricing, but that cargo yields should soften the impact. The tailwind most meaningful for Lufthansa and Air France as higher cargo exposure than International Consolidated Airlines, the analyst tells investors in a research note.