United Airlines initiated with a Buy at Citi

Citi analyst John Godyn initiated coverage of United Airlines (UAL) with a Buy rating and $132 price target The firm believes the setup is positive for the airlines with an “elongated mid-cycle” beginning in 2026. Citi sees the largest beneficiaries as being the “supermajors.” The large airlines offer the most favorable risk/reward, the analyst tells investors in a research note. On the other side, Citi believes the legacy low-cost carriers will be underperformers through the cycle.