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CIBC World Lifts US Airways to 'Buy'

CIBC World upgraded US Airways (U) to buy from hold.

Analyst Julius Maldutis says he is upgrading ahead of an August 15 analyst meeting, at which the company will discuss its business strategy following the termination of the United and US Airways merger. He believes management will outline a positive strategy that will consist of: 1) a significant scale back of aircraft deliveries in 2002; 2) a new alliance with a major European carrier; 3) a large-scale restructuring of domestic operations to focus on major hubs; 4) new concessions from labor to increase the use of regional jets and productivity improvements in exchange for equity participation.

Maldutis has a $24 target.

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