Catch up on today's top five analyst downgrades with this list compiled by The Fly. 1. Virgin Galactic (SPCE) downgraded to Equal Weight from Overweight at Morgan Stanley and to Neutral from Outperform at Credit Suisse. 2. Vir Biotechnology (VIR) downgraded to Underperform from Neutral at Baird with analyst Madhu Kumar saying shares have more than doubled in the past five business days despite an absence of significant data for the company's pipeline. 3. Aaron's (AAN) downgraded to Neutral from Buy at Northcoast with analyst Tim Vierengel saying his prior growth expectations for the Progressive segment were "off base" and the company's FY20 guidance for the core business is worse than even his lowered expectations. 4. American Airlines (AAL), Allegiant Travel (ALGT), Alaska Air (ALK), JetBlue (JBLU), Southwest (LUV), Spirit Airlines (SAVE), and United Airlines (UAL) downgraded to Neutral from Buy at Buckingham on greater risk from COVID-19. 5. American Airlines (AAL), Alaska Air (ALK), and Delta Air Lines (DAL) downgraded to Hold from Buy, and JetBlue (JBLU), Spirit Airlines (SAVE), and United Airlines (UAL) downgraded to Hold from Buy at Deutsche Bank on coronavirus risk. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Seaport Research raised the firm's price target on United Airlines to $66 from $60 and keeps a Buy rating on the shares. The company reported Q1 results that "handily bettered consensus," the analyst tells investors. The firm notes no change has been made to its thesis made in January, but notes consensus for the year has to move higher.

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Allegiant "announced that the company and the Transport Workers Union of America, AFL-CIO Local 577, representing Allegiant's flight attendants, have ratified a new five-year agreement with immediate wage increases ranging from 20 to 41.2 percent. The tentative agreement was ratified by Allegiant flight attendants with a 89 percent approval vote and 97 percent of members voting. The TWU Local 577 represents more than 1,700 Allegiant flight attendants."

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Sees FY25-FY27 CapEx $7B-$9B per year.

United (UAL) has made several adjustments to its long-term fleet strategy based on future needs of the airline and manufacturers production and delivery timelines that are expected to smooth out and moderate the company's aircraft delivery schedule in the coming years including: Converted a portion of Boeing (BA) MAX 10 aircraft orders to Boeing MAX 9 from 2025 through 2027; maintained the right to convert more Boeing MAX 10 into MAX 8 or MAX 9 as needed. Have agreed to letters of intent with two lessors to lease 35 new Airbus (EADSY) A321neos with CFM engines expected in 2026 and 2027. Due to manufacturing and certification delays from prior years, by the end of 2023, the airline's contractual aircraft commitments for 2024 had increased to 183 narrowbody aircraft. At the beginning of 2024, these delays were anticipated to continue and the company expected 101 narrowbody deliveries. Following the 737 MAX 9 grounding and the FAA's announced significant production capacity constraints on Boeing, the company now anticipates 61 narrowbody aircraft and 5 widebody aircraft to be delivered in 2024. In the short run, the company expects a small number of aircraft previously scheduled to enter into service in the second quarter to be pushed into the third quarter, which is expected to have minimal impact on the company's capacity plans.

Reports Q1 revenue $12.54B, consensus $12.45B. "I want to thank the United team for working so hard this quarter to deliver strong operational metrics for our customers and sharpen our focus on safety, while producing excellent financial results for our shareholders," said United Airlines CEO Scott Kirby. "We've adjusted our fleet plan to better reflect the reality of what the manufacturers are able to deliver. And, we'll use those planes to capitalize on an opportunity that only United has: profitably grow our mid-continent hubs and expand our highly profitable international network from our best in the industry coastal hubs."

TD Cowen lowered the firm's price target on Spirit Airlines to $4 from $5 and keeps a Hold rating on the shares. The firm updated their 1Q and 2024 estimates for Spirit to incorporate management's latest guidance.