Air France-KLM was one of the SBF 120's biggest decliners on Friday, penalized by a downgrade in Barclays' outlook on the stock from 'overweight' to 'in-line weighted'.

At 4:15 pm, the airline's shares were down 3.8%, while the SBF 120 was down 0.5%.

In a note, Barclays analysts expressed concern about the political context in France, which they felt could rekindle major labor unrest.

The research firm also mentions recent comments by Lufthansa, which said it had noted a bout of weakness in the economy category on transatlantic routes, as well as KLM, which pointed to certain difficulties in its long-haul network.

Barclays, which is reducing its target price from 15 to 9.5 euros, nevertheless says it appreciates the group's strategic positioning, as well as the quality of its management team.

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