The Fly

American Airlines free cash flow guide better than expected, says Susquehanna

Susquehanna analyst Christopher Stathoulopoulos said American Airlines (AAL) 2023 free cash flow guide of "nearly" $3B was better than our sense of expectations but does reflect relatively lower spend for aircraft given delays in MAX deliveries and the direct lease of several widebodies. Susquehanna raised its estimates for American Airlines but sees a better risk/reward in Delta Air Lines (DAL). Susquehanna maintains its Neutral rating and $15 price target on American Airlines shares.

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