Core Viewpoint - Citi Group's research indicates a strong recovery in business travel, expected to continue at least until Q4 2025, which will significantly boost the performance of major airlines [1][2]. Group 1: Business Travel Recovery - The Business Travel Barometer shows a notable rebound in business travel indicators, suggesting a robust recovery in corporate travel demand [2][6]. - Airlines are expected to report strong earnings in Q4 2025, driven by the resurgence of business travel and international travel growth [2][6]. Group 2: Airline Industry Outlook - Citi believes the airline industry has entered a "structural improvement cycle," with business travel recovery as the main growth driver for global airlines [2][6]. - The airline sector is characterized by disciplined capacity management, reducing the risk of overexpansion and supporting ticket price resilience [6]. Group 3: Preferred Airline Stock - United Airlines (UAL.US) is highlighted as a tactical long position among "supermajors," with expectations of long-term profit margin improvements [7]. - Citi sets a target price of $153 for United Airlines, based on a 6.5x EV/EBITDAR and a 10x P/E for 2027, indicating significant upside potential compared to historical peaks [7].