Air France-KLM Shares Plunge Nearly 20% in Three Months Following Deutsche Bank Downgrade

Deutsche Bank Lowers Price Target

On March 19, the German bank lowered its price target for Air France-KLM from 11.00 euros to 9.00 euros, while maintaining its 'hold' recommendation. This new target, which is 3.5% below the current price, reflects a significant revision of the outlook assigned to the Franco-Dutch group. The magnitude of the adjustment—a 18% reduction in the target—illustrates a marked recalibration of the valuation by the institution.
This publication comes in an unfavorable context for the airline sector in Paris: Airbus is down 2.81% and Safran by 2.05% during the session. The CAC 40 itself is down 1.64% at around 7,838 points, while the SBF 120 loses 1.65%.

Technical Perspective

From a technical standpoint, the Air France-KLM stock is now well below its main moving averages. The price of 9.326 euros is more than 16% below the 50-day moving average (11.17 euros) and the 200-day moving average (11.28 euros), indicating a bearish trend established over several time horizons.
The RSI, an indicator measuring overbought or oversold conditions, is at 15—a particularly low level that signals a rarely reached zone of strong overselling. Moreover, the price is approaching the lower bound of the Bollinger Bands, set at 8.23 euros, after already breaking through the support level identified at 9.57 euros. This breach constitutes an additional signal of vulnerability for the stock.
The next financial meeting for the group is scheduled for April 30 with the publication of the first quarter 2026 results, which could provide new elements for operators to assess.