CRT Capital downgraded United Continental to Fair Value and reduced its price target to $70 from $91 due to international uncertainties that include competition, FX headwinds, and economics.

Says without approximately $200M impact Boeing (BA) 737 MAX 9 from grounding, United (UAL) would have reported a quarterly profit.

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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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."