Markets & Finance

UBS Downgrades ExpressJet Holding to 'Neutral'

UBS Financial downgraded ExpressJet Holdings (XJT) to neutral from buy.

Analyst Robert Ashcroft says he's downgrading ExpressJet to neutral as it recently exceeded his $17 one-year target. He says ExpressJet shares rose despite headwind from a pension-plan sale. He notes ExpressJet's Continental Airlines (CAL) pension plan has sold over two million ExpressJet shares since Sep. 9. An additional Continental-induced sale of the company's stock is likly, Ashcroft says, now that ExpressJet is finally trading consistently over its IPO price.

Ashcroft maintains the $1.80 2003 earnings per share and $2.11 2004 earnings per share estimates, along with the $17 target.

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