Takeaways from Management Meetings

研报英文原文证据摘录

Takeaways from Management Meetings

Update

July 1, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMAmerican Airlines Group Inc | North America Ravi Shanker

Equity Analyst

Takeaways from Management Ravi.Shanker@morganstanley.comMadison J Pasterchick +1 212 761-6350

Research Associate

Madison.Pasterchick@morganstanley.com +1 212 761-3787

Meetings Nancy Hipp

Nancy.Hipp@morganstanley.com +1 212 761-1311

AAL management sees the coming quarters as "gratification deferred" after the

company has been unable to show the results of its internal initiatives due to macro American Airlines Group Inc (AAL.O, AAL US)

noise. The market should continue to reward the stock as this 'gratification' comes Airlines | United States of America

through. Stock Rating Overweight

Industry View Attractive

Price target $24.00

We hosted AAL CEO Robert Isom, CFO Devon May and IR VP Neil Russell at

Shr price, close (Jun 30, 2026) $18.07

investor meetings in Chicago. Mgmt. repeatedly emphasized the traction they have Mkt cap, curr (mm) $11,933

52-Week Range $18.36-10.09

made with product and network/hubs, which together with more initiatives to come,

solid progress on the balance sheet with stable fleet/capex and cost visibility, leave

AAL well placed for the future. They are confident that AAL has the most margin

improvement potential of any of their peers from this point.

We like the AAL idiosyncratic story on top of the rising tide and believe the risk-

reward here is attractive. While investors may be hung up on AAL demonstrating a

path to matching DAL/UAL on growth/margins/FCF, we believe the first benchmark

should be whether AAL is improving on itself and that alone warrants a solid

multiple rerating from MSD PE to HSD (in a world where DAL/UAL/LUV will be

gunning for low-mid teens).