United Airlines upgraded to Outperform from In Line at Evercore ISI

Evercore ISI upgraded United Airlines (UAL) to Outperform from In Line with a price target of $65, up from $58, citing a likely shift in capital allocation. United has executed well versust targets and “long offered a sharply discounted valuation,” but the lack of balance in capital allocation had previously held the firm back, the analyst tells investors. However, a meaningful shift and rethink on capital allocation “would be a very significant unlock catalyst” for shares and the analyst argues that for “the first time in years change is in the air on this front, aided by recent change in financial leadership.” Boeing (BA) delivery challenges provide “an opening for positive change,” the analyst added.