Deutsche Bank Downgrades European Airlines

Deutsche Bank downgraded a host of European airline stocks today. The firm said risk to economic growth now seems to be on the downside and therefore we have moderated our 2012 revenue forecasts. A cut to their crude estimates partially offset this. The firm's Brent estimate goes from $120/bbl to $100/bbl.

The firm downgraded Lufthansa, IAG and Turkish Airlines from Buy to Hold and downgraded Air Berlin from Hold to Sell.

Price Target cuts:
Air Berlin - EUR 3.20 to EUR 2
International Airlines - 310 GBp to 250 GBp
Lufthansa - EUR 18 to EUR 12
Turkish Airlines - TRY 3.77 to TRY 3.28
Air France-KLM - EUR 7 to EUR 5.70
easyJet - 490 GBp to 480 GBp
Ryanair - EUR 4.80 to EUR 4.90

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