UPDATE: Dahlman Rose Reiterates Buy Rating, Lowers PT on United Continental Holdings

In a report published Friday, Dahlman Rose & Co. reiterated its Buy rating on United Continental Holdings

, but lowered its price target from $27.00 to $23.00. Dahlman Rose noted, “United expects PRASM to be flat in July, which follows a quarter in which PRASM increased 2.9%. In 2011, United led the industry in PRASM growth, which is resulting in difficult y/y comparisons. We forecast slowing PRASM growth for the next several months and forecast the quarter to be up 0.6%. Management is set to continue to pull capacity out of the system as it works through the merger of the two airlines, with 2012 capacity expected to be down 0.5-1.5%.” United Continental Holdings closed on Thursday at $19.20.