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Skyward Signal: American Airlines' Golden Cross Marks Bullish Trajectory

Published 08/03/2024, 14:24
Updated 08/03/2024, 15:40
© Reuters.  Skyward Signal: American Airlines' Golden Cross Marks Bullish Trajectory

Benzinga - by Surbhi Jain, .

American Airlines Group Inc (NASDAQ:AAL) just made a Golden Cross. The stock hardly moved through 2023, gaining just under 8%. So far in 2024, the stock is already up 8.44%. As one of the top four U.S. airlines, this movement marks a significant moment for the company.

The company delivered a record beat on fourth-quarter earnings on Jan. 25, and since then the stock has been buoyed by positive sentiments. American Airlines reported a 190% surprise on EPS and a 0.32% surprise on estimated revenue for the fourth-quarter of 2023.

Further, market sentiment on the stock has been bolstered by analyst ratings and price target upgrades, post earnings. The consensus analyst rating on the stock currently stands at a Buy. The majority of recent analyst reviews have assigned a price target between $20-$22 to the stock.

Also Read: American Airlines To Rally Around 42%? Here Are 10 Top Analyst Forecasts For Tuesday

American Airlines Stock – Golden Cross

Factors such as airline industry recovery after the COVID-19 pandemic, cost-cutting measures implemented to dial in efficiency, and positive economic indicators, should help the stock fly higher.

Onward & Upward?

As the airline industry continues its recovery, the Golden Cross may act as a catalyst for American Airlines, ushering in a new phase of positive price action for the stock.

Read Next: Airlines Find Powerful New Revenue Stream: Carry-On Baggage

Photo: Shutterstock

Latest Ratings for AAL

Mar 2022Seaport GlobalDowngradesBuyNeutral
Jan 2022Redburn PartnersDowngradesBuyNeutral
Jan 2022Morgan StanleyUpgradesUnderweightEqual-Weight
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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