SAS stock hit by DnB downgrade as pilot strike enters fifth day

STOCKHOLM: DnB Markets lowered its rating on SAS as a pilot strike stretched into its fifth day with no resumption of talks in sight, sending the Scandinavian airline's shares down on Tuesday.Advertisement

DnB Markets lowered its rating on SAS shares to"hold" from"buy" after nearly halving its 2019 earnings per share estimate due to the strike and high fuel prices, and said it may cut estimates further unless the strike is ended by Wednesday. "We believe investors will remain lukewarm as long as the earnings trend remains negative and as the pilots' strike puts the targeted 3 billion crown cost savings by 2020 in jeopardy," they said in a note.SAS shares were down 2.4 percent at 0914 GMT, lagging the broader market in Stockholm and taking the drop since before the strike to over 9 percent.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Singapore stocks: STI resumes Monday afternoon at 3,385.33, up 0.85% on daySINGAPORE stocks continued their morning uptick as trading resumed on Monday afternoon, with the Straits Times Index advancing 0.85 per cent or 28.38 points on the day to 3,385.33 as at 1.01pm. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »