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Merrill Adds AMR Corp. to Focus One List

Merrill Lynch added AMR Corp. (AMR) to its Focus One list.

Analyst Michael Linenberg says the parent of American Airlines is in the midst of a major restructuring program, targeting about $4 billion in annual cost savings. He says American Airlines has been outperforming industry unit revenue since late spring; he expects this will continue as the airline further rationalizes its network and fleet.

Linenberg sees positive momentum carrying into 2004. He narrowed the $12.00 2003 loss estimate to an $11.05 loss, and cut the $4.50 2004 loss to a $3.50 loss. Also, he sees AMR returning to profitability in 2005. Linenberg raised the $13 12-month target to $16, and reiterates his buy rating.

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