American Airlines Group Inc

AAL: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$32.00	Zwjj	Wxbcckfl

American Airlines: Ticket Distribution Pivot in Softer Pricing Environment; Fair Value Unchanged

Nicolas Owens

May 30, 2024

On May 28, American Airlines lowered its expectations for the busy second quarter, the same day that United Airlines reaffirmed its guidance. American Airlines' shares fell 14% the next day, and we see American's immediate trouble as mostly self-inflicted and mostly transitory. We have not altered our $13.10 fair value estimate for no-moat AAL's shares.

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