Lufthansa upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Conor Dwyer upgraded Lufthansa to Equal Weight from Underweight with a price target of EUR 9.80, up from EUR 6.78. 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.