American Airlines' stock has tumbled enough in the past week, that long-time bearish analyst Scott Group at Wolfe Research said it was time to stop selling.
Shares of American Airlines Group Inc. have tumbled enough in the past week and long-time bearish analyst Scott Group at Wolfe Research said it was time to stop selling.
Scott raised his rating on the Texas-based air carrier to peer perform, after being at underperform for at least the past three years. He removed his stock price target, while his prior target of $14 had made him the most bearish of the 22 analysts surveyed by FactSet. “[American’s stock] remains heavily shorted with a 10% short interest, but it’s been consistently executing and making/beating estimates in recent quarters while running a fairly clean operation,” Scott wrote in a note to clients.
Some on Wall Street view high short interest as a bullish sign, as those who have made those bets will have buy back the stock if it starts rallying, an action referred to as short covering. The “meme-stock” craze had involved heavily shorted stocks. Read more about how short selling works.
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