Air France-KLM : Q1 slightly soft ,strong FCF consumption and exposure to the increase in Brent - Target price adjusted to € 9

>Passenger activity broadly in line but freight remains under pressure - During the pre-close call, the group indicated that capacity offered in the passenger activity in Q1 was in line with forecasts at c+4.3%, driven by Transavia and long-haul. Unit revenues excluding forex were up by around 3% for January benefiting from the later date of the holidays at the beginning of the year, but the lack of comments on the rest of the quarter suggest that RASK performance was...