UPDATE: Evercore Upgrades United Continental to Overweight

Evercore is out with its report today on United Continental UAL, upgrading UAL from Equal-weight to Overweight. In a note to clients, Evercore writes, "Our rating on UAL shares is raised to Overweight from Equal-Weight. We believe the stock, which was off 9% on Friday, overreacted to revenue deceleration in the month of June, which was a difficult and noisy comparison. Further, it should not be surprising to see some deceleration as fuel prices decline." Jefferies maintains a $30 PT on UAL. Shares of UAL closed Friday at $22.99, down 8.55% from Thursday's close.