Deutsche Bank upgraded United Continental (NYSE: UAL) from Hold to Buy with a price target of $72.00 (from $63.00). The change follows Q2 results. Analyst Michael Linenberg noted the stock traded lower despite many positives.

"United's June Q earnings release had something for everyone: a record quarterly profit, a new share repo program that is triple its predecessor ($3 bb vs. $1 bb); a capacity cut (1% - 1.5% for 2015 vs. prior 1% - 2%); a halving of its pension deficit to $1 bb and a discount rate increase (or two) away from being fully funded; on track to hit $1 bb cost reduction target one year early by YE 2016; and a Sep Q pretax margin guide of 13.5% - 15.5% which implies material upside to 2015 EPS. All very positive news and yet the stock was down 0.7%. With the stock trading at 8.2x our revised, fully taxed 2015 EPS estimate, we find UAL shares compelling and our raising our rating to a Buy," said Linenberg.

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Shares of United Continental closed at $56.67 yesterday.