Bernstein upgraded American Airlines (AAL) to Outperform from Market Perform with a price target of $24, up from $14. The firm cited the positive industry backdrop update paired with the announcement of an exclusive co-branded credit card deal that’s set to generate “sizable” cash flow in the coming years, which will help the airline deleverage. The company is “closer to a have than a have-not,” the analyst tells investors in a research note, adding that better pricing and lower fuel costs are driving the better Q4 outlook.
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