BUZZ-BMO projects brighter 2026 for US airlines as it initiates coverage

Reuters12-09

** BMO initiates coverage on U.S. airlines on the back of improving demand and renewed corporate travel activity

** Brokerage says following a slowdown in 2024 and softer corporate travel in 2025, the industry is poised for a more constructive outlook in 2026

** Unlike railroads and trucking, airlines have struggled to turn margin gains into durable valuation growth due to their cyclical nature, says BMO

** YTD, S&P 500 Passenger Airlines index .SPLRCALI up 10.4%

Company	PT	Rating
Delta Air Lines	$80	Outperform
American Airlines	$16.75	Market Perform
Southwest Airlines	$43	Market Perform
United Airlines	$125	Outperform

(Reporting by Apratim Sarkar in Bengaluru)

((Apratim.Sarkar@thomsonreuters.com))

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