UPDATE: Credit Suisse Downgrades American Airlines Group to Neutral, Lowers PT on Estimate Revisions

In a report published Wednesday, Credit Suisse analyst Julie Yates downgraded the rating on American Airlines Group AAL from Outperform to Neutral, and lowered the price target from $71.00 to $65.00. In the report, Credit Suisse noted, “Our 2015E rises to $10.80 (from $9.90) as lower fuel and the accelerated buyback offset higher ex fuel unit costs (+3% vs. our 2% est.) & worse unit revenues (-2.5% vs. our flattish est.); we leave 2016E of $9.12 unchanged. With much of this revision driven by fuel, we apply a lower multiple to our fully taxed 2015E to yield our $65 TP & downgrade to Neutral.” American Airlines Group closed on Tuesday at $52.70.