United Airlines price target lowered to $104 from $105 at Bernstein

Bernstein lowered the firm’s price target on United Airlines (UAL) to $104 from $105 and keeps an Outperform rating on the shares. The firm is taking down estimates in the near term as it incorporates higher fuel prices into its outlook, and adjusting its valuations to reflect greater uncertainty about how long this crisis could last. Airlines can push fuel prices through fares, but that is harder in a supply-driven fuel shock, and it’s hard to see this crisis not taking a bite out of the summer travel season, Bernstein adds.