UPDATE: Morgan Stanley Upgrades United Continental (UAL) to Equalweight
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Morgan Stanley analyst Ravi Shanker upgraded United Continental (NASDAQ: UAL) from Underweight to Equalweight with a price target of $65.00 (from $37.00).
The analyst comments "We like UAL's confidence in providing a 2023 cost guide which includes a goal to permanently reduce $2 bn of cost and at least match 2019 margins. The market is also very keen to see UAL's go-to-market strategy on the revenue side as travelers return. However, the legacy network footprint is a slightly bigger overhang than its network peers and the cap structure will likely take years to normalize, which could remain overhangs on the stock."
Shares of United Continental closed at $59.21 yesterday.
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