United Airlines (NASDAQ: UAL) shares gained 2% Monday before climbing another 1.98% higher during Tuesday’s session after two Wall Street analysts upgraded the stock.
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On Tuesday, the US carrier was lifted to Buy from Hold at Argus, while it was upgraded to Overweight from Equal-Weight at Morgan Stanley on Monday.
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Despite the significant headwinds airlines have faced in 2022, such as inflation, soaring fuel prices, and staffing issues, United Airlines shares recently moved into the green for the year, currently up 2.81% in 2022. In addition, the inflation challenges squeezing consumer wallets haven’t dented travel demand, according to airlines in the US and Europe, which remains relatively strong.
Argus analyst John Staszak set a $52 price target on UAL shares, telling investors that demand for air travel should continue to recover, with “strong growth” expected in business and international travel. Staszak added that United Airlines should benefit from constrained industry capacity due to delayed aircraft deliveries, raising Argus’ FY22 EPS view to $2 from $1.30 and the firm’s FY23 view to $5.80 from $5.40.
Meanwhile, Morgan Stanley analyst Ravi Shanker assigned a $67 price target on United Airlines shares, stating he sees 2023 as a “Goldilocks sweet spot” for the company, the tailwinds of the late pandemic recovery and the initial gains from the transition to the capacity phase of United NEXT.
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