Goldman Sachs Downgrades American Airlines (AAL) to Neutral
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Goldman Sachs analyst Catherine O’Brien downgraded American Airlines (NASDAQ: AAL) from Buy to Neutral with a price target of $15.00 (from $34.00).
The analyst comments "Our Buy rating was predicated on a unique opportunity at American to concentrate growth out of its most profitable hubs through 2021, and detailed analysis on the company’s debt which gave us greater confidence that it could weather the challenges as the most levered name in our airlines coverage universe. Although American has started to execute on its hub connectivity plan starting with DFW in 2019, and there is still room to run with this initiative, we believe progress has likely slowed due to heightened uncertainty surrounding COVID-19."
Shares of American Airlines closed at $14.31 yesterday.
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