UBS reaffirms its 'buy' recommendation on Air France-KLM despite a price target cut from 21.5 to 19.6 euros, a new target with a 92% upside potential for the Franco-Dutch airline's stock.

Although results for 2023 and cost control for 2024 were slightly disappointing, we believe that the share is trading well below its intrinsic value", the broker estimates in the summary of its note.

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