联合大陆航空股价下跌，分析师维持增持评级

Core Viewpoint - United Airlines (UAL.US) has experienced a recent decline in stock price, but analysts maintain a buy rating, suggesting that improvements in the industry supply-demand dynamics may positively impact the company's profitability [1]. Stock Performance - On January 12, 2026, United Airlines had a trading volume of $386 million, a decrease of 12.34% from the previous day, with the stock price at $115.29, down 1.73% for the day. Over the past five trading days, the stock has increased by 0.35%, and year-to-date, it has risen by 3.10%. Barclays has maintained a "buy" rating for United Airlines with a target price of $150 [2]. Industry Policy and Environment - The demand side of the airline industry is supported by policies encouraging service consumption and an expanded visa-free travel range, leading to sustained high growth in leisure and inbound/outbound travel. On the supply side, limited aircraft deliveries may lead to a tightening period of 3-5 years, driving ticket prices up year-on-year. This trend could positively affect the profitability elasticity of global airlines, including United Airlines. On the cost side, the long-term decline in international oil prices and the appreciation of the Renminbi may reduce operational costs for airlines, but United Airlines, as a U.S. company, needs to monitor local fuel prices and debt structure [3]. Performance and Operating Conditions - In the third quarter of 2025, United Airlines reported revenue of $15.23 billion, slightly below expectations, but adjusted earnings per share were $2.78, exceeding expectations. The company anticipates earnings per share in the range of $3 to $3.5 for the fourth quarter [4].