Imperial Capital Downgrades United Continental (UAL) to In-Line on Valuation
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Imperial Capital downgraded United Continental (NYSE: UAL) from Outperform to In-Line with a price target of $76.00 (from $65.00), saying the stock appears fully valued.
Analyst Michael Derchin commented, "We are downgrading our rating to In-Line from Outperform as the stock appears fairly valued after recent sizeable run-up. We are increasing our one-year price target to $76 from $65, using 2018 estimates versus 2017 previously. Our price target is about 10% above the recent share price. We are lowering our FY17 EPS estimate to $6.25 from $6.50 and our FY18 EPS estimate to $8.00 from $8.24 on FY17 CASM ex-fuel increasing 4.0% versus 3.5% previously, incorporating recently ratified labor agreements."
Shares of United Continental closed at $68.99 yesterday.
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