Last checked at 
* 1,700 flights cancelled for Tuesday, Wednesday
* Follows four-day strike last week
* Brokerage sees risk to Lufthansa's 2016 profit target
* Previous strikes have impacted future bookings (Adds costs, analyst comments, fresh union comment)
BERLIN, Nov 29 (Reuters) - Lufthansa pilots stagedanother walkout on Tuesday, with neither side showing anywillingness to yield in a dispute that has already cost theGerman airline hundreds of millions of euros since early 2014.
The stoppage hit short-haul flights departing from Germancities, forcing Lufthansa to cancel 816 out of around 3,000planned flights on Tuesday. The pilots have also announced plansto strike on short- and long-haul flights on Wednesday, whichwill see a further 890 flights cancelled.
The strike is the 15th since the early 2014, and the costsare mounting.
Lufthansa has put the cost of the first two days of lastweek's strike at about 20 million euros ($21 million), but pastexperience shows the effect on future bookings could cost tensof millions more.
Analysts at Kepler Cheuvreux downgraded Lufthansa shares to"reduce" from "hold" on Tuesday, saying the strike jeopardised the company's 2016 profit target of around 1.8 billion euros.
Lufthansa says it has to cut costs to compete with leanerrivals such as Ryanair on short-haul routes and Emirates on longer flights, despite a record profit in 2015.
Ryanair, keen to build market share in Germany, has beenwooing customers there with what it calls a rescue offer.
"Industrial action is a great opportunity for rivals such asRyanair and easyJet. They will hope to retain the customers thatthey may have captured as a result of the strike for thelonger-term," Liberum analyst Gerald Khoo said.
Lufthansa pilots are well paid by industry standards. Apilot at Lufthansa earns on average 180,000 euros a year beforetax, though a captain on the highest pay level can earn as muchas 22,000 euros a month before tax.
Walkouts in 2015 by both pilots and cabin crew affected 7,748 flights, costing Lufthansa 231 million euros in lostprofit, with around 108 million of that coming from lost advancebookings.
Including last week's four-day walkout, Lufthansa hascancelled 4,500 flights, still far fewer than the total numbersseen in 2014 or 2015.
Liberum analyst Khoo said the short-term pain from strikeswould be worth it for Lufthansa, if the result was a long-termdeal that brought suitable reforms.
But both sides seem to be digging their heels in, and theunion has rebuffed pleas from Lufthansa for mediation.
Lufthansa has offered to increase the pilots' pay by 4.4percent in two instalments and make a one-off payment worth 1.8months' pay. Union Vereinigung Cockpit (VC) wants an averageannual pay rise of 3.7 percent for 5,400 pilots over a five-yearperiod backdated to 2012.
"We are willing to compromise. But if management saysthere's no room for manoeuvre, then what good will mediation do?We just don't believe there's the will to find a solution," saidVC spokesman Joerg Handwerg. ($1 = 0.9431 euros)
(Reporting by Victoria Bryan; Additional reporting by MariaSheahan; Editing by Keith Weir)
