UPDATE: JP Morgan Cuts PT to $30 on United Continental Holdings Post Pilot Agreement

JP Morgan reiterated its Overweight rating on United Continental Holdings

but reduced its price target from $31 to $30. JP Morgan commented, "United's tentative pilot agreement appears in line with our expectations, contributing an estimated $400mm of the $650mm labor dis-synergy we are modeling in 2013. It shares a similar wage structure with Delta, but appears to lack some of Delta's aircraft flexibility and is more generous in terms of profit sharing and its defined contribution program. It is unclear to us what level of wage escalation is anticipated by consensus. Our 2013 estimate is lowered on increased profit sharing, reducing our target by $1." United Continental Holdings closed at $19.98 on Wednesday.