Evercore ISI analyst Duane Pfennigwerth raised the firm’s price target on American Airlines to $12 from $10 and keeps an In Line rating on the shares. The firm, which is adjusting estimates across its airlines coverage ahead of Q3 reports, notes that a September inflection in domestic unit revenue materialized and says that the “better supply thesis you’ve been hearing about for a few quarters converted from narrative to guidance upgrades from several carriers.” However, the stocks and sentiment “remain more volatile than underlying earnings,” the analyst added in the group preview note.
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