As previously reported, BofA upgraded American Airlines (AAL) to Neutral from Underperform with a price target of $20, up from $12. American should benefit from the strong trends discussed by Delta (DAL) last week, including solid premium revenues, a build back of corporate travel, and growth on Atlantic routes, the analyst tells investors. In addition, American could realize outsized benefit from the return of corporate travel given its $1.5B market share loss in the first half of 2024, adds the analyst, who no longer believe an Underperform rating is warranted.
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