Deutsche Bank on March31 upgraded Air France-KLM, International Airlines Group (IAG) and Lufthansa to buy, with the German carrier listed as the German bank's first pick.
Shares in Air France-KLM were up 4.2% and Lufthansa 3.12% and IAG 1.6% after the bank's reappraisal from hold due to a "materially improved" outlook.
All three were deemed vulnerable, however, to fluctuations in long-haul and business travel, with routes in and out of Asia, China in particular, slow to rebound after the Covid lockdowns.