Lufthansa's TAP Deal Awaits Brussels as Broker Views Stay Split

Lufthansa has signed a contract with the Portuguese government to acquire an initial 44.9% minority stake in TAP Air Portugal, with a purchase price of EUR 1.02 billion. Closing the agreed acquisition hinges on several conditions, chiefly approval from the European Commission. The agreement was announced roughly a week ago alongside the group's quarterly results.

Third-quarter beat and a narrower profit range

For the third quarter of 2026, the Lufthansa Group posted revenue of EUR 12.2 billion, up 9% year on year and a record for the company. Adjusted EBIT climbed 6% to EUR 1.4 billion, beating market expectations.

Fuel costs ran EUR 543 million above the prior-year period, according to company figures. For the full year, the group now expects a fuel bill of EUR 9.3 billion and has tightened its guidance for adjusted operating profit to a range of EUR 1.7 billion to 2.0 billion. The previous forecast spanned EUR 1.7 billion to 2.2 billion, so the floor was left untouched while the ceiling came down.

Brokers move, but not in unison

Recent analyst verdicts on the stock stretch from "Sell" to "Equal Weight," even after a string of target-price increases. Barclays upgraded Lufthansa on Friday from "Underweight" to "Equal Weight" and lifted its price target from EUR 7.50 to EUR 8.40. Bernstein Research, according to media reports, raised its target on Friday from EUR 9 to EUR 9.50 while keeping its "Market-Perform" rating.

Two other research houses had already raised their targets on Wednesday and Thursday, from EUR 7 and EUR 7.10 respectively, both setting the new figure at EUR 7.50. Their ratings stayed put at "Neutral" and "Sell."

The shares were up 3.3% in today's trading.