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EDT June 24, 2008 NEW YORK (MarketWatch) -- Standard & Poor's equity research downgraded the airline industry on Tuesday to negative from neutral, saying it now expects high fuel prices are here to stay for the longer term.
Specifically, S&P cut its rating for AirTran (AAI: AAI News, chart, profile, more Last: Delayed quote data Add to portfolioAnalyst Create alert InsiderDiscussFinancials Sponsored by: , , ) to hold from buy and slashed its price target for the stock to $3 from $7.
It also downgraded Alaska Air (ALK: ALK News, chart, profile, more Last: Delayed quote data Add to portfolioAnalyst Create alert InsiderDiscussFinancials Sponsored by: , , ) to strong sell from sell and reduced its price target to $12 from $18.
S&P also downgraded United parent UAL Corp.
(UAUA: UAUA News, chart, profile, more Last: Delayed quote data Add to portfolioAnalyst Create alert InsiderDiscussFinancials Sponsored by: , , ) , to sell from buy and lowered its price target on the stock to $4.50 from $12; and cut shares of Continental (CAL: CAL News, chart, profile, more Last: Delayed quote data Add to portfolioAnalyst Create alert InsiderDiscussFinancials Sponsored by: , , ) to hold from strong buy and cut its price target to $14 from $30.
"We continue to see Continental as one of the best managed U.S.
airlines and likely to eventually benefit from industry capacity cuts," the investment research firm said.
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