Friday September 25, 02:08 PM
STOCKS NEWS US-UBS upgrades several airlines on capital raises
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0851 ET 25Sept2009-UBS (Virt-X: UBSN.VX - news) upgrades several airlines on capital raises ------------------------------------------------------------------------------
UBS upgraded five U.S. airlines including UAL Corp (NASDAQ: UAUA - news) to 'buy' from 'neutral' and said that due to the recent flurry of capital increases, the balance sheets of these companies will be flush with new cash.
'The rally in the US airline stocks and the appetite for airline secondary issuances has meant that more capital is available to the airlines than we modelled a quarter ago. Therefore near-term bankruptcy risk has diminished in our view,' analyst Kevin Crissey wrote in a note to clients.
The analyst also upgraded AMR Corp (NYSE: AMR - news) , Continental Airlines (NYSE: CAL - news) , Alaska Air (NYSE: ALK - news) and US Airways Group Inc.
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