Analyst Note
| Burkett Huey, CFA |No-moat United Airlines reported a difficult fourth quarter of 2020, as the pandemic continues to dramatically reduce travel demand. We’re maintaining our $41 per share fair value estimate on the assumption that a COVID-19 vaccine will be well distributed by mid-2021 and that vaccine distribution coincides with a release of pent-up travel demand and that business travel recovers in late 2021 through 2023.