Lufthansa Shares Gain 3.9% as Broker Upgrades Meet a Costlier Fuel Outlook
Published on 11/08/2026 at 19:32 | Editorial boerse-global.de
Lufthansa shares rose 3.9% on Friday, riding a broader advance in European travel stocks that lifted the sector index by 0.9%. Reuters linked the sector's strength to hopes for an end to the Middle East conflict and lower oil prices, and tied those expectations to Republican losses in the US elections — though the report stopped short of naming a single trigger for the German carrier's move. Media coverage, meanwhile, connected the gain to a more optimistic round of analyst actions.
Two Brokers, Two Directions
Barclays upgraded Lufthansa from "Underweight" to "Equal Weight" on Friday and lifted its price target from EUR 7.50 to EUR 8.40. Analyst Andrew Lobbenberg pointed to expected declines in fuel costs and more resilient demand, while flagging a faster normalization in air freight and the Asian business.
Bernstein Research raised its target from EUR 9 to EUR 9.50 and kept its "Market-Perform" rating. Analyst Alex Irving cited better-than-expected quarterly results but also the lowered upper bound of the operating profit guidance range, stressing the importance of ticket prices for the closing quarter.
Not every higher target came with a warmer recommendation. Goldman Sachs lifted its price target from EUR 7.10 to EUR 7.50 on Friday but stuck with its sell rating — leaving the two houses with sharply different views of the stock despite similarly directed target revisions.
Should investors sell immediately? Or is it worth buying Lufthansa?
A Strong Quarter Swallowed by the Fuel Bill
The numbers behind the debate landed on Tuesday. Revenue for the third quarter of 2026 climbed 9% year on year to EUR 12.2 billion. Adjusted EBIT — the group's preferred measure of operating profit — rose 6% to EUR 1.41 billion. Both figures beat the prior-year quarter, and management said strong demand and cost discipline more than offset higher fuel expenses.
That offset came at a price. Fuel costs ran EUR 543 million above the year-earlier level. For the January-to-September period, adjusted EBIT came in at EUR 1.18 billion — 20% below the prior-year figure, even with the stronger third quarter in the books.
The fuel burden also forced Lufthansa to trim its guidance. The company narrowed its 2026 adjusted EBIT forecast to a range of EUR 1.7 billion to EUR 2.0 billion and now expects a full-year fuel bill of EUR 9.3 billion. Media reports attributed the positive reception of the quarterly figures to the better-than-expected result.
Lufthansa at a turning point? This analysis reveals what investors need to know now.
Lufthansa said it will publish its 2026 annual report on 05.03.2027.
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