Susquehanna upgraded United Airlines (UAL) to Positive from Neutral and downgraded both Alaska Air Group (ALK) and Sun Country Airlines (SNCY) to Neutral from Positive. 2024 is setting up to be one where “idiosyncratic factors” drive absolute and relative stock returns for the airlines, with network exposure, the “premiumization” of travel, fleets and order books, labor, service and cost control driving the investment narratives and debates, the analyst tells investors in a research note. The firm believes the typical, pre-pandemic investment matrix for airlines will increasingly come into focus in the second half of the year.
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