UPDATE: Bank of America Downgrades United Continental Holdings Following Earnings

Bank of America downgraded United Continental Holdings UAL from Neutral to Underperform and lowers the price target from $25.75 to $22.00. Bank of America commented, "Even if earnings rise 70% in 2013, UAL's EPS will be 35% below 2010 levels, yet its stock is 7% higher. We believe the pace of UAL's recovery will continue to disappoint, and we are cutting our 2013E to $2.75 from $3.30 (Street $3.88), lowering our price objective to $22 from $25, and downgrading to Underperform. UAL trades at a 20% premium to the sector on 2013E pretax and EBITDAR." United Continental Holdings, closed at $25.54 on Thursday.