United Airlines Holds The Line On Bookings—Analysts See Strength Beneath The Surface

United Airlines Holdings, Inc. (NASDAQ:UAL) shares traded lower on Wednesday.

On Tuesday, the company reported first-quarter revenue of $13.21 billion, missing analyst estimates of $13.25 billion. United estimated second-quarter adjusted earnings in the range of $3.25 to $4.25 per share.

Here are the key analyst takes on the stock, shared on Wednesday:

• BofA Securities analyst Andrew G. Didora reiterated the Buy rating on the stock, with a price forecast of $100.
• Goldman Sachs analyst Catherine O'Brien reiterated the Buy rating on United Airlines, with a price forecast of $92.

BofA Securities: Didora noted that, like Delta Air Lines, Inc. (NYSE:DAL), United Airlines has not experienced any further decline in bookings in recent weeks.

This stability allowed the company to provide a strong second-quarter 2025 earnings guidance.

Related Link: United Airlines Stock Hits Resistance Before Q1 Earnings: Can Analyst Optimism Fuel A Rebound?

The analyst described the quarter as well-executed and expressed confidence in United’s potential to outperform moving forward, citing its strong revenue from premium offerings, a robust loyalty program, and a healthy balance sheet as key drivers of its competitive edge.

The analyst suggested that United Airlines likely began reducing costs when it noticed weakening demand in early February, coinciding with the DOGE fare cuts.

The cost-cutting measures appear to have focused on improving operational efficiency, adjusting maintenance schedules, and speeding up the retirement of older aircraft.

These strategic moves likely served as key levers to manage expenses and preserve margins in response to softening market conditions, Didora adds.

The analyst noted that while a holiday shift may have slightly boosted booking numbers, the performance still appears strong—especially as investors closely watch for potential weakness in international demand due to tariff-related concerns.

Goldman Sachs: O'Brien pointed out that, amid growing investor concern around full-year earnings guidance due to an uncertain demand outlook, many expected airlines to either withdraw or significantly lower their forecasts.

However, United Airlines took a different route by presenting two potential scenarios.

In one case, where bookings remain consistent with recent weaker trends, the company is sticking with its original 2025 EPS forecast of $11.50 to $13.50.

In a more cautious, recessionary scenario, United expects earnings between $7.00 and $9.00, which is still above Goldman Sachs’ illustrative estimate of $6.20 for a downturn.

These ranges compare to the current Street consensus of $10.52 and Goldman's estimate of $9.75.

O'Brien highlighted several key risks, including the possibility that increased competition could offset the benefits of United’s network restructuring plans.

There's also concern about potential further delays in aircraft deliveries and the chance that demand in the Asia-Pacific region may recover more slowly than expected, the analyst writes.

Price Action: UAL shares ended Wednesday flat at $66.99.

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