American continues to streamline operations, navigating the post-consolidation U.S. airline industry
No-moat American Airlines reported fourth-quarter and full-year results on Jan. 25 that featured revenue in line with consensus and an earnings beat. Nonetheless, jitters related to industry capacity expansion sent the shares down following earnings. We think 2018 will be a key test for American and the industry, as it represents the first year in quite some time that a network carrier (United) will dramatically increase capacity. We plan to increase our $49 fair value estimate by about $2, but ...
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