United Airlines Holdings (UAL) has announced the launch of United Airlines Ventures, a new corporate venture fund that will have stakes in high-potential companies with a focus on sustainability, aerospace, and other innovative technologies.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Shares of the company were down 1.7% to close at $56.26 on June 10.
Through United Airlines Ventures, the company will help small to medium-sized firms with strong potential to accelerate their business growth.
The main focus of the fund will be on sustainability, which synchronizes with United’s goal of net-zero emissions by 2050. (See United Airlines stock analysis on TipRanks)
United CEO Scott Kirby said, “Younger companies today have learned from aviation’s rich history and are combining it with more advanced technology and creative thinking to develop new ideas that give us the ability to revolutionize how airlines operate.”
He added, “With United Airlines Ventures, we are signaling our confidence in these companies and propelling them forward with our expertise and financial support to demonstrate that our commitment to innovation will strengthen our company and improve our customers’ experience.”
Morgan Stanley analyst Ravi Shanker recently increased the price target from $65 to $70 (24.4% upside potential) and maintained a Hold rating on the stock.
Overall, the stock has a Moderate Buy consensus rating based on 5 Buys, 7 Holds, and 1 Sell. The UAL average analyst price target of $61.92 implies 10.1% upside potential from current levels. Shares of UAL have jumped 68.9% over the past year.
Related News:
United States Steel Sells Transtar for $640M, Shares Rise 3%
Southwest Airlines Foresees Revenue Growth; Orders 34 More Boeing 737 MAX Aircraft
CareDx Acquires Transplant Hero, Shares Rise
