Analyst Note
| Burkett Huey, CFA |United Airlines reported improving revenue metrics as the firm rebuilds its network to meet travel demand. The firm noted that international long haul demand and business travel demand have accelerated, and it expects that demand will fully recover by 2023, which pulls our forecast forward by a year. We are decreasing our fair value estimate to $54 per share from $55 as the demand pull forward was more than offset by higher capital expenditure assumptions, higher fuel prices, and a higher tax rate.