SFR
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- Nov 25, 2001
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http://www.marketwatch.com/story/morgan-stanley-upgrades-continental-airlines?siteid=yhoof2
Morgan Stanley upgrades Continental Airlines
LONDON (MarketWatch) -- Morgan Stanley upgraded Continental Airlines (CAL 9.62, +0.40, +4.34%) to overweight from equal-weight, saying recent weakness in the shares has made relative valuation more favorable and created an attractive entry point. "Moreover, Continental's status as a likely survivor makes valuation particularly attractive for investors willing to look through the cycle," the broker said. Morgan Stanley said it has lowered estimates on airlines because of higher oil prices and lower revenues, but said it's likely to be the last cut to 2009 earnings estimates and is therefore a reason to get incrementally more positive on the sector. The broker downgraded Hawaiian Holdings (HA 5.37, -0.68, -11.24%) to equal-weight from overweight and Southwest Airlines (LUV 6.43, -0.37, -5.44%) to underweight from equal-weight. It also initiated coverage of Delta Air Lines Inc. (DAL 5.93, +0.08, +1.37%) at overweight.
Great news. I am glad to be at CAL