United Airlines price target lowered to $40 from $48 at BofA

BofA lowered the firm’s price target on United Airlines to $40 from $48 and keeps an Underperform rating on the shares. The Q4 revenue growth outlook of 9%-10.5% was in line with the firm’s 10% forecast and beat investor expectations, but shares were weak as Q4 unit costs came in higher than expected, the analyst tells investors. While the demand environment seems steady, industry cost pressures have been a key theme this earnings season and are negatively impacting estimates, notes the firm, which lowers its own 2024E EPS view.