Lufthansa downgraded to Underweight from Overweight at JPMorgan

JPMorgan analyst Harry Gowers double downgraded Lufthansa to Underweight from Overweight with a price target of EUR 7, down from EUR 12.50. The analyst downgraded network airlines as part of the firm’s 2024 outlook for the European transport and logistics space. The firm turned more cautious given potential for large capacity increases to bring yields down against a backdrop of weaker economic growth.