German flag carrier Lufthansa has issued a profit warning, blaming pressure on ticket prices in Europe and the US. The warning has caused a drop in airline stocks throughout Europe and the US. Lufthansa stated that it expected to make an operating profit of €1bn this year, down from its previous forecast of between €1.3bn and €1.5bn. An earnings target of €2.65bn in 2015 has also been dropped, despite the firm’s ongoing cost-cutting drive. The board said it has proposed a lower target of €2bn to new CEO Carsten Spohr, who took over in May. Lufthansa CFO Simone Menne said

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