Jefferies announced on Friday that it had downgraded its recommendation on Airbus shares from "buy" to "hold", with a price target lowered from 135 to 130 euros.

In a research note, the U.S.-based broker explains that it expects the aircraft manufacturer to communicate a less-than-encouraging outlook when it publishes its 2022 annual results on February 16.

"After the weaker-than-expected delivery figures, the question now is how cautious the targets for 2023 will prove to be", says the broker.

In its study, Jefferies expects the aerospace group to deliver a cautious message, particularly in view of the cautious tone that usually characterizes its management team's discourse.

The professional adds that it has lowered its EPS estimates for the period from 2023 to 2025 by 6% to 12% on the basis of a downward revision of its aircraft delivery forecasts and the strength of the dollar.

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