Citi added United Airlines to the firm’s Focus List while keeping a Buy rating on the shares with a $73 price target. United Airlines’ price-to-earnings multiple of 4.6-tims consensus 2024 estimates ” contrasts sharply with the significant potential upside on free cash flow generation, with this positive trend seeming unlikely to finish this year,” the analyst tells investors in a research note. The firm believes the company’s previous 2024 capex guide of $9B to $10B seems too high. Citi thinks United’s positive earnings growth and free cash flow generation should continue to help the shares to alleviate what the firm sees as an “oversold situation.”
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