UPDATE: Goldman Sachs Upgrades United Continental Holdings Near-Term Uncertainty will Likely Increase Volatility

In a report published on Friday analysts at Goldman Sachs upgraded its rating on from Sell to Neutral and maintained its $36 PT.In the report analysts from Goldman Sachs commented that, "UAL stock has had a tremendous run, up 38% ytd (vs. S&P 500 UP 13%). While it has underperformed our preferred airline stock, DAL, it has performed in-line with its peer group even though UAL has been in a negative earnings revision cycle. We under estimated how far forward the market would discount the negatives. In our view, the worst is behind UAL, and earnings growth should accelerate in 2H13. We estimate UAL's earnings to inflect in 2Q13E, as the second derivative turns positive after two tough quarters. Looking ahead, we expect the stock to continue performing in-line with the US airline sector. Thus, we upgrade the stock to Neutral from Sell."United Continental Holdings closed on Thursday at $30.67