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Fulcrum Upgrades AMR Corp. to Buy

Fulcrum upgraded AMR Corp. (AMR) to buy.

Analyst Jeffrey Kauffman says the flight attendants union's acceptance of a new deal should allow AMR's American Airlines to proceed as planned. He says Chapter 11 should be avoided; work rules and cost savings should be significant.

Kauffman notes he's not yet seen the strings attached to the deal, but he thinks with this new agreement in hand, the risk/reward balance changes. While a Chapter 11 risk remains, he doesn't think it's likely over the near term.

He notes AMR's balance sheet remains "ugly," but with these labor concessions in hand, AMR will have a stronger case to approach lenders, and request restructuring of its obligations.

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