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( – Credit Suisse maintains its ‘underperformance’ rating on Rolls-Royce and lowers its price target to 53 pence – from 59 pence previously.

The broker is relying in particular on the commercial update published yesterday by the British, indicating that Rolls-Royce should probably face a cash outflow of 2 billion pounds in 2021, when the forecasts counted on 1.14 billion , in particular due to the reduction in flight hour targets for the year.

‘Our forecasts for 2022-2023 are not significantly changed and we expect FCF 2022 of + £ 0.54 billion,’ says Credit Suisse.

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