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Deutsche Bank Downgrades AMR

Deutsche Bank downgraded AMR Corp. (AMR), parent of American Airlines, to market perform from strong buy.

Analyst Susan Donofrio tells S&P MarketScope that after outperforming the market in the fourth quarter of 2001, airline stocks have stumbled in 2002 due mainly to a lack of fare increases. She thinks this is a result of not only continued reluctance from the business traveler to pay higher prices, but also different management philosophies on which types of fares to raise. While some management teams continue to focus on raising higher-end fares, others think that bottom-level fares should be targeted.

She widens her $6.20 2002 loss per share estimate to a $7.00 loss; she also cut her $3.00 EPS estimate to $2.00.

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