TD Cowen Reduces Its PT for United Airlines (UAL) to $128, Reiterates “Buy” Rating

United Airlines Holdings, Inc. (NASDAQ:UAL) is included in our list of the 11 best value stocks to invest in according to billionaires.

TD Cowen Reduces Its PT for United Airlines (UAL) to $128, Reiterates “Buy” Rating

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Despite analysts’ generally bullish long-term outlook for the airline, United Airlines Holdings, Inc. (NASDAQ:UAL) is facing growing cost pressures amid geopolitical tensions.

On March 9, 2026, while maintaining a “Buy” rating, TD Cowen lowered its price target for United Airlines Holdings, Inc. (NASDAQ:UAL) to $128 from $140, pointing to persistent fuel inflation, which might have a negative impact on its profitability.

The firm stated that margin expansion in 2026 is improbable. However, analysts say that if energy prices drop sharply, airlines may recapture some of the increase in jet fuel costs through pricing.

This cautious view comes at a time when management also faces operational concerns.

CEO Scott Kirby stated on March 6, 2026, that the escalating violence in Iran is expected to have a meaningful impact on United Airlines Holdings, Inc. (NASDAQ:UAL)’s Q1 2026 results, with potential spillover into Q2 if the conflict does not end.

With fuel being a crucial factor for investors, United Airlines Holdings, Inc. (NASDAQ:UAL)’s CEO projects that fuel expenses for 2026 would fluctuate by roughly $116 million for every $1 fluctuation in jet fuel prices.

In response to these headwinds, TD Cowen forecasts Q1 adjusted EPS of $0.05–$0.22, which is significantly lower than its previous $1.00–$1.50 estimate.

Furthermore, Wall Street sentiment remains optimistic on the broader level amid these headwinds. While the consensus price target of $140.00 reflects a 48.07% upside potential as of March 9, 2026, over 82% of analysts remain bullish on the stock.

United Airlines Holdings, Inc. (NASDAQ:UAL) offers transportation services in the domestic, Atlantic, Pacific, and Latin American segments. Its headquarters are located in Chicago, Illinois.

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