BUZZ-EU Airlines: Bernstein cuts Norwegian Air, IAG, Lufthansa

** Bernstein, in a note on European transport, says has been growing "increasingly cautious" on the EU Airline space in recent months

** Brokerage writes that recent weeks' developments point towards the risk of a weakening environment for European corporate demand

** It sees this as significant as a slowdown in corporate demand can spill over into other traffic segments

** Bernstein sees too little potential for self-help in the EU airlines sector to prevent further earnings pressures - beyond external macro factors

** Bernstein downgrades Norwegian Air Shuttle ASA to "underperform" as it forecasts the airline will require a NOK 2.5 bln ($293 mln) equity infusion before Q1 2020

** Bernstein cuts IAG and Deutsche Lufthansa AG to "market-perform" from "outperform", saying both stocks are now missing significant positive catalysts or near-term earnings growth

** Lufthansa in addition needs to prove its success in significantly reducing costs despite a much slower growth outlook, the brokerage says ($1 = 8.5395 Norwegian crowns)