Lufthansa Cargo Courts ANA as Analysts Split on the Group's Turnaround
Published on 11/06/2026 at 17:02 | Editorial boerse-global.de
Lufthansa Cargo signed a memorandum of understanding with SWISS WorldCargo, ANA and Nippon Cargo Airlines on Thursday to examine closer cooperation, with a focus on air freight traffic between Japan and Europe. The four partners will look at possible approaches to network connectivity as well as routes and capacities. According to ANA, the arrangement is a framework for review — not a revived joint venture.
The cargo move landed alongside a pair of analyst notes that pulled Lufthansa shares in opposite directions. Barclays lifted its rating from "Underweight" to "Equal Weight" and raised its price target from EUR 7.50 to EUR 8.40, citing falling fuel costs and expectations of more resilient demand. Bernstein, meanwhile, nudged its target up from EUR 9 to EUR 9.50 while keeping a "Market-Perform" rating. Analyst Alex Irving pointed to quarterly results that beat expectations, but also to higher fuel costs and the lowered upper bound of the profit guidance.
The stock closed the session up 4.1%, according to dpa-AFX, as the more optimistic industry assessment from Barclays gave European airline shares a lift.
TAP stake carries a price tag — and a waiting period
On Tuesday, the Lufthansa Group and the Portuguese government signed an agreement on the carrier's entry into TAP Air Portugal. Lufthansa is to acquire an initial 44.9% for EUR 1.025 billion. Including further shares and fees, the stake could rise to as much as 49.9%, with the total price reaching up to EUR 1.2 billion. Completion remains subject to regulatory approval, in particular the green light from the European Commission.
Should investors sell immediately? Or is it worth buying Lufthansa?
Guidance is the yardstick
The central test for investors is the adjusted operating result. Lufthansa has narrowed its outlook for full-year 2026 adjusted EBIT to between EUR 1.7 billion and EUR 2.0 billion; the upper bound previously stood at EUR 2.2 billion. The group expects a fuel bill of EUR 9.3 billion for the year. Cheaper fuel could make that target easier to hit — provided the analyst's assumption holds — but the guidance itself remains the company's own benchmark.
The announced restructuring could reinforce the relief. According to a report on Wednesday, Lufthansa plans to cut seven more short- and medium-haul aircraft from its European traffic in 2027, alongside additional measures aimed at the financial turnaround of the core Lufthansa Airlines brand. Group capacity is still expected to grow in the mid-single-digit percentage range — a demanding combination of expansion at group level and further adjustments at the core brand.
A skeptical counterweight
Goldman Sachs offered a serious opposing view, rating Lufthansa "Sell" on Wednesday with a price target of EUR 7.50. The risk sits in the assumptions behind the bullish case: if demand falls short of expectations, the planned capacity expansion becomes harder to fill, and if the core brand's turnaround drags on, the prospect of lower fuel costs matters all the more as a support for earnings. The agreed TAP commitment adds a further claim on the balance sheet once approval is granted and the deal closes.
Lufthansa at a turning point? This analysis reveals what investors need to know now.
The next date on Lufthansa's financial calendar is the publication of its 2026 annual report on 05.03.2027 — the concrete checkpoint for the annual forecast. Until then, execution of the announced measures and the TAP approval process will both shape how durable today's optimism proves to be.
Ad
Lufthansa Stock: New Analysis - 6 November
Fresh Lufthansa information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
