Argus Upgrades United Continental (UAL) to Buy Citing Favorable View on Capacity Limit Plans
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Argus analyst John Staszak upgraded United Continental (NASDAQ: UAL) from Hold to Buy with a price target of $66.00.
The analyst comments "Since the onset of the pandemic, UAL has been reducing capacity and cutting spending in order to operate in a low revenue environment. As such, we believe that the company is well positioned for an eventual recovery in airline traffic. We expect management's initiatives to result in a lower daily cash burn rate than that of other legacy airlines that we cover, and look for UAL to further reduce its daily cash burn. In the fourth quarter, it lowered its daily core cash burn to $19 million from $24 million in 3Q. In the first quarter, management projects a daily cash burn of $9 million."
Shares of United Continental closed at $56.27 yesterday.
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