UPDATE: United Continental (UAL) PT Raised to Street High $80 at Raymond James
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Raymond James analyst Savanthi Syth raised the price target on United Continental (NASDAQ: UAL) to Street High $80.00 (from $60.00) while maintaining a Outperform rating.
The analyst comments "We are revising estimates for UAL primarily reflecting somewhat stronger industry revenue momentum heading into 2Q21 offset by a higher fuel price outlook, which admittedly is more in line with the strength in Brent prior to the pullback since mid-March, and are introducing a 2023 outlook. We continue to expect domestic leisure demand recovery to pre-crisis levels by YE21 and domestic business recovery by YE22, with international demand reaching pre-crisis levels by YE23. Given the greater risk surrounding the business and international demand recovery, we believe U.S. legacy airlines should trade at a larger-than-historical multiple discount to leisure peers in the near term. Nevertheless, we see a compelling risk-reward in the context of recovering demand and economies supported by fiscal stimulus and reiterate our Outperform rating on UAL."
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