Deutsche Bank Downgrades Lan Airlines (LFL) to Hold
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Deutsche Bank downgrades Lan Airlines (NYSE: LFL) from Buy to Hold and lowers their price target from $17 to $14.
The firm believes that high valuations and negative momentum outweigh an attractive return potential.
Also, in relation to Q2 2008 results, the firm said, "We think 2Q08 results will be weak following a dramatic increase in jet fuel costs and the inflation pickup in Latin America, which raised costs in local currency while most fares remain linked to a weakening USD. Fare promotions to cope with increased capacity limited the fuel surcharge effect on fares. We estimate operating margin will drop 3.5 p.p. YoY to ~4% and EBITDA will drop 8%."
Lan Airlines S.A, offers passenger and cargo air transportation services in Latin America.
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