Raymond James downgrades United Airlines to Market Perform ahead of earnings

As previously reported, Raymond James downgraded United Airlines (UAL) to Market Perform from Outperform with no price target in conjunction with the firm’s U.S. airlines earnings preview. Among the group, target prices were lowered due to earnings cuts and application of lower multiples reflecting elevated macro uncertainty, notes the analyst, who favors stocks with idiosyncratic earnings drivers that should help offset any macro-driven headwinds. These include Allegiant Travel (ALGT), which the firm raised to Strong Buy, and Outperform-rated American Airlines (AAL) and Southwest (LUV), the analyst tells investors.