Citi analyst Sathish Sivakumar downgraded Lufthansa to Sell from Neutral with a price target of EUR 6.60, down from EUR 7.90. The analyst believes the post-pandemic recovery is broadly done in short-haul Europe and trans-Atlantic in 2023. The firm expects Asia to recover in 2024 and that the key to 2024 earnings will be with airlines that have network flexibility for better pricing power.
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