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发帖数: 371 | 1 Morgan Stanley Short Term Trade Idea: Buy Legacy CarriersArticle
By Matt Phillips
Bloomberg News Morgan Stanley airline analyst William Greene goes out on a
limb to name Delta Air Lines, United Continental and American Airlines
parent AMR as a “research tactical ideas” Thursday.
He says old-line airlines — the Americans and Deltas of the world, as
opposed to JetBlue, Southwest and others of their ilk — have sold off
recently on worries that rising fuel prices would eat into the bottom line,
adding that “fuel fears have not materialized.”
Greene writes that next week’s Delta investors day and guidance updates
might offer positive catalysts for the shares on all of the legacy carriers.
Recent management commentary on bookings has been reassuring, fare cutting
has been more muted than last year and signs of economic improvement also
give Greene a bit more confidence in his positive view. “We believe the
share price will rise in absolute terms over the next 60 day,” he writes of
the legacy carriers.
Delta shares seemed to have hit an altitude limit of a bit over $14.30 since
November. Since hitting their most recent peak on Nov. 25, they’re down
some 6.6%, versus the 2.7% gain in the S&P 500 and a 4% decline in the the
NYSE Arca Airline index. United Continental is down some 10.4% over the same
period. AMR is off by 8.6%. |
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