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Goldman Upgrades AMR Corp. to 'Outperform'


Goldman Sachs upgraded AMR Corp. (AMR) to outperform from in-line.

Analyst Glenn Engel says recent booking/pricing trends suggest diminishing liquidity risk for the parent of American Airlines; he thinks recent AMR actions (grounding fleet types, reversing a strategy of ubiquity, $1.8 billion in labor savings, reversing more room in coach) will help reverse AMR's margin erosion relative to the industry. He narrowed the $13.60 2003 loss estimate to $13.25.

Engel sees a $1.25 2004 loss, and $2.30 2005 earnings per share. While he believes Continental and AMR offer the best near-term trades, he thinks helicopter manufacturer United Technologies, and regional jet operators Atlantic Coast Airlines, SkyWest, and ExpressJet offer the best long-term values.


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