Lufthansa shares fall: Lufthansa cancels 2,200 flights during holiday season – Deutsche Bank Research lowers Lufthansa target
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Two weeks ago, it announced that it would be canceling 900 connections on Fridays and weekends in July. “It will now take 2,200 of the nearly 80,000 flights out of the system in the hubs of Frankfurt and Munich – on other weekdays that have so far been less affected,” Lufthansa said on Thursday evening. “Cancellation particularly affects domestic German and intra-European flights, but not classic holiday destinations that are well occupied during the holiday season.” Flight times may also change. The “Build” newspaper had earlier reported on this.
Lufthansa justified the decision, saying “flight security strikes, weather events and, in particular, the increased corona disease rate, have now put an additional strain on the system.” “Over the past few days, our employees have reported getting sick at short notice.” Airlines across Europe will have to cancel further flights for these reasons.
Lufthansa passengers will be notified immediately of cancellations and, if possible, rebooked on other suitable flights. Alternatively, domestic German feeder flights could be diverted from traveling trains to the hub, where the machines were introduced abroad. All these steps, Lufthansa said, are an indispensable measure “with which the airline seeks to ensure greater stability of the flight schedule throughout the summer.” Ground handling services at airports are also grappling with shortage of staff.
Deutsche Bank Research cuts Lufthansa target to €7.50 – ‘hold’
Deutsche Bank Research lowered the price target for Lufthansa from EUR 8.00 to EUR 7.50 and left the rating on “hold”. The second quarter should be profitable for most airlines and the third even more so, but is set to disappoint faster than the 2023 consensus estimates, analyst Andy Chu wrote in an industry study released Friday.
Shares of Lufthansa temporarily fell 3.19 percent to 6.08 euros via XETRA.
Frankfurt (DPA-AFX / DPA-AFX Broker)
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