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CS First Boston Keeps 'Buy' on UAL Corp.

CS First Boston reiterates buy on UAL Corp. (UAL).

Analyst James Higgins says the result of a vote on a pact will be available by mid-March. He believes it is highly likely that union rank-and-file will approve the tentative contract. He notes the dual threats of Congressional intervention to force a settlement, and that a UAL bankruptcy hangs over the heads of the machinists union's members. He says the sources continue to suggest the company's pilots' union is close to granting pay concessions falling in the 15%-20% range. He sees financial stability that will send the stock price appreciably higher. He has a $23 12-month target.

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