Bernstein lowered the firm’s price target on United Airlines (UAL) to $110 from $115 and keeps an Outperform rating on the shares. While the only thing certain at this point is uncertainty, it looks like fear is pushing the stocks lower than one would expect on fundamentals setting up the next test of whether things have changed in the airline industry, the firm says. It may take a while, but if the sector proves the case for durability, Bernstein expects greed to eventually kick in, and it remains constructive on the legacy names.
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