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In a report published Friday, Bank of America analyst Glenn D. Engel reiterated an Underperform rating on
United Continental HoldingsUAL, and raised the price target from $28.00 to $33.50.
In the report, Bank of America noted, “For Southwest, we raise our 2014E slightly to $1.40 from $1.35 on slightly lower fuel assumptions for the balance of 2014. We are raising price objectives for both Southwest ($28 from $26) and United ($33.50 from $28) as we shift to 2015-based valuation. As long as the economy appears to be moving forward, supply remains contained, and oil prices more likely to go down than up, investors appear willing to look beyond even near-term earnings misses. Southwest remains our top pick.”
United Continental Holdings closed on Thursday at $44.93.
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