[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  DonCorleone77 [@CorleoneDon77](/creator/twitter/CorleoneDon77) on x 5455 followers Created: 2025-07-21 02:18:36 UTC $UAL Attached is page X of a 16-page Raymond James analyst report on UAL issued Thursday (7/17) entitled: "Echoing Domestic Demand Inflection; Reiterate Market Perform" Raymond James has a 'Market Perform' rating on UAL without a price target. Raymond James' 'Recommendation' regarding UAL in the report includes the following: "United echoed Delta’s optimism from last week. It is encouraging to see another week of the positive trend, which appears logical in light of improvement in macroeconomic uncertainty. However, we will be watching next Thursday’s reports keenly before gaining further conviction on whether this recovery truly has legs unlike some of the previous green shoots that did not take hold. On the whole, United is performing well, generating ample free cash flow, and guiding in line with the Street (Exhibit 9). Notably, improving domestic demand trends should help mitigate the elevated-growth risk, albeit we suspect partial unwinding of industry capacity cuts later in 4Q if the demand recovery holds. Conversely, Transatlantic (TATL) appears to be losing momentum. Longer term, we believe UAL is attractive, but in the near term, domestic is where the real improvement will likely show up, driving a preference for businesses with greater leverage to those trends. As such, we reiterate our Market Perform rating on UAL on relative risk/reward. -- Valuation Methodology: To estimate the value of UAL shares, we utilize P/E and EV/EBITDAR ratios, which are based on our long-range earnings model that is available upon request. -- General Risk Factors Following are some general risk factors that pertain to the businesses of the subject companies and the projected target prices and recommendations included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product/service pricing could change and adversely impact expected revenues and earnings; (2) issues relating to major competitors or market shares or new product expectations could change investor attitude toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation. -- Company Specific Risk Factors Moderately Aggressive Risk Suitability: Airline earnings and, in turn, share prices are greatly influenced by cyclical external factors including economic activity, oil prices, and FX. Moreover, the globally fungible nature of supply (i.e., aircraft) can exacerbate competitive dynamics, generally leading to further earnings volatility. Greater Exposure to Long-Haul International Travel: We estimate United's international service, including the domestic portion of the journey, accounts for ~50% of passenger revenue, which is above Delta's ~40% and American's ~35%. International margins have exceeded pre-pandemic levels amid strong demand, particularly in U.S. point-of-sale (partly due to the strong dollar), and constrained supply following the retirement of many widebody aircraft during the pandemic (with replacement hampered by supply chain issues). Should these trends reverse, we would expect greater headwinds for United vs. peers.: (Page X is not available here as X does not allow me to post pages from reports on this platform) XXX engagements  **Related Topics** [$ual](/topic/$ual) [stocks industrials](/topic/stocks-industrials) [Post Link](https://x.com/CorleoneDon77/status/1947118983989105013)
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DonCorleone77 @CorleoneDon77 on x 5455 followers
Created: 2025-07-21 02:18:36 UTC
$UAL
Attached is page X of a 16-page Raymond James analyst report on UAL issued Thursday (7/17) entitled:
"Echoing Domestic Demand Inflection; Reiterate Market Perform"
Raymond James has a 'Market Perform' rating on UAL without a price target.
Raymond James' 'Recommendation' regarding UAL in the report includes the following:
"United echoed Delta’s optimism from last week. It is encouraging to see another week of the positive trend, which appears logical in light of improvement in macroeconomic uncertainty. However, we will be watching next Thursday’s reports keenly before gaining further conviction on whether this recovery truly has legs unlike some of the previous green shoots that did not take hold.
On the whole, United is performing well, generating ample free cash flow, and guiding in line with the Street (Exhibit 9). Notably, improving domestic demand trends should help mitigate the elevated-growth risk, albeit we suspect partial unwinding of industry capacity cuts later in 4Q if the demand recovery holds. Conversely, Transatlantic (TATL) appears to be losing momentum.
Longer term, we believe UAL is attractive, but in the near term, domestic is where the real improvement will likely show up, driving a preference for businesses with greater leverage to those trends. As such, we reiterate our Market Perform rating on UAL on relative risk/reward.
-- Valuation Methodology:
To estimate the value of UAL shares, we utilize P/E and EV/EBITDAR ratios, which are based on our long-range earnings model that is available upon request.
-- General Risk Factors
Following are some general risk factors that pertain to the businesses of the subject companies and the projected target prices and recommendations included on Raymond James research:
(1) Industry fundamentals with respect to customer demand or product/service pricing could change and adversely impact expected revenues and earnings; (2) issues relating to major competitors or market shares or new product expectations could change investor attitude toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation.
-- Company Specific Risk Factors
Moderately Aggressive Risk Suitability: Airline earnings and, in turn, share prices are greatly influenced by cyclical external factors including economic activity, oil prices, and FX. Moreover, the globally fungible nature of supply (i.e., aircraft) can exacerbate competitive dynamics, generally leading to further earnings volatility.
Greater Exposure to Long-Haul International Travel: We estimate United's international service, including the domestic portion of the journey, accounts for ~50% of passenger revenue, which is above Delta's ~40% and American's ~35%. International margins have exceeded pre-pandemic levels amid strong demand, particularly in U.S. point-of-sale (partly due to the strong dollar), and constrained supply following the retirement of many widebody aircraft during the pandemic (with replacement hampered by supply chain issues). Should these trends reverse, we would expect greater headwinds for United vs. peers.:
(Page X is not available here as X does not allow me to post pages from reports on this platform)
XXX engagements
Related Topics $ual stocks industrials