Airline major United Airlines, Inc. (UAL) recently announced that it has entered into a partnership with an Australian airline company, Virgin Australia Group. The partnership will be operable from early 2022.
Following the news, shares of the company declined marginally to close at $41.70 in Monday’s extended trading session.
The partnership is aimed at making the travel experience between the Americas and Australia a more enjoyable and hassle-free experience for fliers.
Additional benefits to MileagePlus and Velocity Frequent Flyer members like priority check-in and priority boarding will also be made available, along with access to more one-stop connections to cities across the United States, Australia, Mexico, the Caribbean, and South America.
With the partnership, Virgin Australia also stands to enhance its presence in the United States.
The CEO of United Airlines, Scott Kirby, said, “The United States and Australia share a special bond and I’m especially proud that United was the only airline to maintain a vital link between these two countries throughout the pandemic. Looking ahead, Virgin Australia is the perfect partner for United. Our partnership provides considerable commercial value for both airlines and a shared commitment to offer the best travel experience for our customers.”
Recently, Raymond James analyst Savanthi Syth reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $78 to $75, which implies upside potential of 79.7% from current levels.
The Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 4 Buys, 3 Holds and 1 Sell. The average United Airlines stock price target of $60 implies that the stock has upside potential of 43.8% from current levels. Shares have gained about 10.7% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings, the world’s biggest website usage monitoring service, offers insight into United Airlines’ performance this quarter.
According to the tool, the website of United Airlines recorded a 50.94% monthly rise in global visits in November, compared to the same period last year. Further, year-to-date, website traffic rose 45.13%, compared to the previous year.
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